Cathie Wood's ARK Invest Raises Square Holdings After Dorsey Announcement

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.
• Square's intentions to build out crypto 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.
• 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.

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