ARK Investment increases holdings in Square amid Dorsey's announcement
ARK Investment Management has increased its holdings of payments services company Square following the announcements from Jack Dorsey.
Dorsey announced last week that Square would be creating an open developer platform for Bitcoin finance.
Following the announcement, Cathie Wood's New York-based ARK Investment purchased a total of 225,937 shares, according to the investment company’s daily holding files.
Square's intentions to build out crypto-based products, including a hardware wallet, align with ARK's ambitions to realize its exchange-traded fund (ETF).
The ARKK fund, which typically invests in tech improvements, bought a total of 179,664 shares while ARKW, typically focused on internet tech, made a further purchase of 46,273 shares.
The buying also coincides with a further 64,001 shares of crypto exchange Coinbase, where ARK has previously made significant investments.
Back in April, ARK sold 409,241 shares of Square when prices were hovering around $256 before falling to a near 6-month low of $197.
At the closing price in the U.S. equities market on Friday, shares in Square were changing hands for around $237.