Cathie Wood's Ark Offloads $1.28M In Jack Dorsey's Block Shares Despite Bitcoin Rally

Benzinga Neuro

October 16, 2024

On Tuesday, Cathie Wood-led Ark Invest made significant trades, most notably selling off shares of Block Inc. (NYSE:SQ).

The SQ Trade

Ark Invest sold 17,816 shares of the Jack Dorsey-headed Block Inc. from its ARKK fund. This move comes despite Block Inc.’s recent positive second-quarter results, which showcased growth in its Cash App and strategic innovations. The value of the trade, based on the closing price of $71.79 per share on Tuesday, is approximately $1.28 million.

Significantly, the sale of Block shares came on a day when Bitcoin (CRYPTO: BTC) moved up. The apex cryptocurrency has been on a tear this week. Dorsey has envisioned a transformative future for Block, moving beyond payments to focus on Bitcoin and the potential for building a new banking model. Recently, Block took a significant step into the crypto realm by securing its first major deal in crypto mining with Core Scientific, which J.P. Morgan estimates could generate between $225 million and $300 million. While Dorsey’s commitment to Bitcoin is evident, analysts remain cautious, emphasizing the need for solid profit margins to validate this ambitious direction

Other Key Trades:

Ark Invest bought shares of Tempus AI Inc. The firm purchased 17,082 shares from its ARKG fund and 75,991 shares from its ARKK fund.
Ark Invest bought shares of Blade Air Mobility Inc. (BLDE) from its ARKQ fund. The firm sold shares of Materialise NV (MTLS) from its ARKQ fund. Ark Invest bought 1,000 shares of Advanced Micro Devices Inc. (NASDAQ:AMD) from its ARKX fund.
Significantly, Ark also sold shares of COVID-19 vaccine maker Moderna Inc (NASDAQ:MRNA). The firm sold a total of 24,981 shares from ARKK and ARKG funds worth $1.4 million approximately.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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