Cathie Wood's ARK Loads Up $15M Worth Of This Bitcoin-Linked Stock Despite Crypto Jitters

Cathie Wood-run Ark Invest loaded up shares in Jack Dorsey-run Block, Inc. SQ on Wednesday, daily trade disclosure from the firm showed.

Ark, through its flagship Ark Innovation ETF ARKK, and Ark Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF, bought 227,365 shares of Block valued at $15.06 million.

According to Benzinga Pro data, Block closed Wednesday's session up 0.39% at $66.24, despite the broader market weakness.

Block is a financial services and digital payments company. Its payments platform targets small and medium businesses.

The company also offers Bitcoin BTC/USD trading through its Cash App and holds the crypto on its balance sheet as an alternative to cash.

Except for a sale in late January, Ark has continued to be a Block buyer this year.

The purchase comes even as major cryptocurrencies, including Bitcoin, face a slump as the SEC crackdown on Binance and Coinbase Global Inc has spooked investors.

Wood has been a vocal supporter of Bitcoin over the years and has said it would hit $1 million by 2030.

Ark's other major trades on Wednesday include:

• Sale of 210,936 shares of Exact Sciences Corp. SQ
• Sale of 68,239 shares of DraftKings, Inc. DKNG

See Also: Best Fintech Stocks