Cathie Wood Cut Stake In This Bitcoin-Linked Fintech On Monday: Here's What She Bought Instead

Cathie Wood-led Ark Investment Management on Monday lowered its exposure in Block Inc SQ, the money manager's first selling of the crypto-linked fintech stock this year.

The popular investment firm sold 281,910 shares — estimated to be worth $38 million as of their last close — in the Jack Dorsey-led financial services and digital payments company.

Block closed 4.12% lower at $134.8 a share on Monday. The stock is down 18% year-to-date.

Ark Invest has been piling up shares in Block for months along with buys in Coinbase Global Inc COIN and Robinhood Markets Inc HOOD.

St. Petersburg, Florida-based Ark Invest held 80.08 million shares in Block before Monday’s trade.

The latest sell represents a 3.8% decrease in Ark Invest’s stake in Block.

Ark Invest holds shares in Block via three of its six actively traded exchange funds, namely the Ark Fintech Innovation ETF ARKF, the Ark Next Generation Internet ETF ARKW, and the Ark Innovation ETF ARKK.

See Also: Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday

Block ranks among the top five holdings behind Tesla Inc TSLA, Teladoc Health Inc TDCO, Roku Inc ROKU, and Zoom Video Communications Inc ZM in the money managing firm’s portfolio.

Block (formerly Square) reported nearly $2 billion from Bitcoin BTC/USD revenue, a jump of 12% year-on-year for the fourth quarter. The payments company had then said in the absence of COVID-19 government stimulus, the momentum in its consumer-focused digital wallet Cash App would slow down considerably. 

See Also: Why Is Block Inc Surging After Hours? A Closer Look At Q4 Earnings

Ark also bought 32,635 shares — estimated to be worth $22.3 million— in Shopify Inc SHOP. The stock closed 1.4% lower at $683.45 a share on Monday.

Photo courtesy: Block Inc