Ark Invest Divests Block Inc Shares Amidst Bitcoin's Market Recovery

In a notable stock market transaction on Wednesday, investment management firm Ark Invest, spearheaded by prominent investor Cathie Wood, sold off a substantial portion of its Block Inc (SQ) holdings. This decision came at a time when the cryptocurrency market, and particularly Bitcoin (BTC/USD), was showing signs of revival.

The Divestiture of Block Inc

The trade involved the disposal of Block Inc shares amounting to $3.5 million. The operation was carried out under the umbrella of Ark Invest's primary exchange-traded funds (ETFs), the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). A total of 42,608 shares were sold off at the recent closing price of $81.46 per share. Concurrently, Bitcoin showed buoyancy in the market, ascending 6.6% to a price of $67,330.71.

Throughout the ongoing week, Ark Invest consistently trimmed its Block holdings, with sales on Monday reaching $8.95 million, followed by Tuesday's $7.5 million. Accumulatively, the firm has parted with almost $19.95 million worth of Block stock by Wednesday.

Interestingly, Cathie Wood has previously voiced support for Block in response to negative allegations by short-seller Hindenburg Research. Despite this, the recent sales indicate a strategy shift or possible rebalancing by Ark Invest.

Ark's Investment Strategy

Apart from divesting in Block Inc, Ark Invest also expanded its portfolio by acquiring shares in several other companies. This includes investments in Cerus Corp (CERS), Personalis Inc (PSNL), and a notable purchase of Moderna Inc (MRNA) through their ARKK fund.

Contrarily, Ark Invest also reduced its position in Twilio Inc (TWLO), selling off shares from both the ARKK and ARKW ETFs.

Investment moves such as these reflect the active and dynamic strategy that Ark Invest employs, constantly adjusting its holdings in response to the evolving market landscape.

ArkInvest, BlockInc, Bitcoin