Cathie Wood's Ark Invest Isn't Done Selling Shares Of Jack Dorsey-Led Block Yet — Sheds $7.5M Worth of Stock As Bitcoin Price Drops

On Tuesday, Cathie Wood-led Ark Invest offloaded a significant amount of Block Inc SQ shares amidst a downturn in Bitcoin BTC/USD prices.

The Block Inc Trade

Ark Invest’s decision to sell off Block shares came as a surprise to many, given the company’s strong ties to the cryptocurrency market. The sale was executed through Ark’s flagship ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW with a total of 9,437 shares sold. The value of the trade, calculated from the latest closing price of $79.32, amounted to approximately $7.5 million.

This is the second such sale of the shares of the Jack Dorsey-led company this week. On Monday, Ark sold $8.95 million worth of Block shares. It should be noted that last year Wood had come out in support of Block after the short seller Hindenburg issued an adverse report against the company.

According to a Benzinga report, the sale occurred amidst fluctuations in the cryptocurrency market, with major cryptocurrencies like Bitcoin and Ethereum trading lower. Investors have theorized that the markets had become overheated following the approval of spot ETFs.

Other Key Trades:

• Ark Invest purchased shares of Moderna Inc MRNA.
• The firm also bought shares of Personalis Inc PSNL.
• Ark Invest sold shares of Twilio Inc TWLO, while it purchased those of Unity Software Inc U.

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