ARK Investment Management increased its holdings of payments services firm Square after its founder, Jack Dorsey, announced Friday the company is creating an “open developer platform.”
- Following the announcement, Cathie Wood's New York-based ARK Investment purchased a total of 225,937 shares, according to its daily holding files.
- 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.
- Those purchases also coincide with a further 64,001 of Nasdaq-listed Coinbase shares on Friday, where ARK has previously made significant investments.
- ARK, which actively trades its funds on a case-by-case basis, sold 409,241 shares of Square in April when prices were hovering around $256 before falling to a near 6-month low of $197, data show.
- At the closing price in the U.S. equities market on Friday, shares in Square were changing hands for around $237.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.