Cathie Wood-led ARK Invest Purchases Another $54M Shares in Square

Cathie Wood-led Ark Investment Management has purchased 225,937 shares, estimated to be about $53.7 million in Square last Friday, the American financial services and digital payments company, according to online media Business Insider.

The accumulation just came after Jack Dorsey, CEO of Square, announced that the company was actively creating a new non-custodial, permissionless, and decentralised financial services business platform, mainly focusing on Bitcoin. 

The Ark investment, which holds shares of Square, has placed a strong bet on the US version of the online payment provider square.  According to the daily holding documents released officially, Ark investment bought a total of about 226,000 shares of the Square (SQ) at the cost of about $54 million.

The six active funds managed by Catherine wood includes Innovation ETF ARKK; Autonomous Technology & Robotics ETF ARKQ; Next Generation Internet ETF ARKW; Genomic Revolution ETF ARKG; Fintech Innovation ETF ARKF; Space Exploration & Innovation ETF ARKX.

Among the ARKK fund that focuses on technology investment, ark investment bought 179,664 square shares last week. At present, the weight of square accounts for the fourth largest proportion of the whole fund, accounting for about 4.97%, followed by only Tesla (10.49%), Roku (5.87%), and Teladoc health inc (5.7%).

In this fund, the ARK team holds a total of 4,529,624 with a market cap of $1,075,876,292.48.

In the ARKW fund focusing on Internet technology, it purchased 46273 square shares, holding a total of 1,107,484 shares of SQ with a market capitalisation of 263,049,599.68, accounting for 4.71%,

In addition to supporting square, it also continued to purchase approximately 64,000 shares of Coinbase. Cathie Wood said in an interview recently that environmental factors will not affect the long-term upward trend of Bitcoin. At present, it has bought Coinbase for five consecutive days.

Not only that, Cathie Wood has always been a staunch cryptocurrency supporter.

As reported by Blockchain.News on June 29, Cathie Wood, a top wall street investor and founder and CEO of ARK Investment management firm, has cooperated with 21Shares, an issuer of European exchange-traded products, to apply for the Bitcoin ETF-Ark21Shares ETF.