Cryptocurrencies, blockchain, NFT and new trends

Ark Invest adds $6.4 million worth of Block shares across three separate funds

Companies • March 14, 2023, 5:56AM EDT

Quick Take

  • Ark Invest added 92,165 Block shares across three funds. 
  • The purchase came to a little over $6.4 million.

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Cathie Wood’s Ark Invest added 92,165 Block shares to three funds on Monday. The purchases were estimated at around $6.4 million. 

Ark Invest added 77,991 Block shares to its Ark Innovation ETF, 13,170 shares to Ark Next Generation Internet and 1,004 shares to the Ark Fintech Innovation ETF, according to its latest trade filing. Shares in Block closed down about 2.2% to $69.46 on Monday. Based on the price at the close, Ark’s most recent buys cost around $6.4 million.

SQ chart by TradingView

Jack Dorsey’s Block recently asked for developer feedback for what it calls a bitcoin “mining development kit.” The company says it could unleash further innovation in the Bitcoin mining space , increase innovation and reduce energy consumption.

Last week, Wood’s fund continued to purchase shares in crypto exchange Coinbase, bringing its total to nearly $30 million this month. The asset manager earmarked bitcoin, digital wallets, public blockchains and smart contract networks as four of the 14 “big ideas” for 2023 in a report in January.