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ARK Investment Management has increased its holdings of payments services company Square following announcements from founder Jack Dorsey.
- Dorsey, also the CEO of Twitter, announced Friday Square would be 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.
Read more: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
