Cathie Wood's ARK Loads Up $15M Worth Of This Bitcoin-Linked Stock Despite Crypto Jitters
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, purchased 227,365 shares of Block, Inc. (NYSE:SQ) worth $15.06 million through its ARKK, ARKW, and ARKF ETFs. Block offers Bitcoin trading via its Cash App and holds the cryptocurrency on its balance sheet. The purchase comes amid a slump in major cryptocurrencies.
June 08, 2023 | 10:30 am
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POSITIVE IMPACT
Ark Invest's purchase of 227,365 shares of Block, Inc. (NYSE:SQ) worth $15.06 million may boost investor confidence in the company despite the current cryptocurrency market slump.
Ark Invest's purchase of Block, Inc. shares signals confidence in the company's prospects, despite the ongoing slump in the cryptocurrency market. This may lead to increased investor interest in Block, potentially driving its stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Ark Fintech Innovation ETF (NYSE:ARKF) added 227,365 shares of Block, Inc. (NYSE:SQ) to its holdings, potentially impacting the ETF's performance.
The addition of Block, Inc. shares to Ark Fintech Innovation ETF's holdings may have an impact on the ETF's performance, depending on how Block's stock price reacts to the news. However, the overall impact on the ETF is likely to be limited, given the diversified nature of its holdings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Ark Innovation ETF (NYSE:ARKK) added 227,365 shares of Block, Inc. (NYSE:SQ) to its holdings, potentially impacting the ETF's performance.
The addition of Block, Inc. shares to Ark Innovation ETF's holdings may have an impact on the ETF's performance, depending on how Block's stock price reacts to the news. However, the overall impact on the ETF is likely to be limited, given the diversified nature of its holdings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Ark Next Generation Internet ETF (NYSE:ARKW) added 227,365 shares of Block, Inc. (NYSE:SQ) to its holdings, potentially impacting the ETF's performance.
The addition of Block, Inc. shares to Ark Next Generation Internet ETF's holdings may have an impact on the ETF's performance, depending on how Block's stock price reacts to the news. However, the overall impact on the ETF is likely to be limited, given the diversified nature of its holdings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50