Ark Invest Buys $6.4M in Block Shares Amid Market Turmoil

• Ark Invest buys $6.4 million worth of Block shares, owned by Twitter founder Jack Dorsey.
• The 92,165 shares were added to three different funds – ARK Innovation ETF, ARK Next Gen and ARK Fintech innovation.
• This is not the first time that Ark Invest has invested in Dorsey’s Block Inc, with investments having been made since September 2020.

Ark Invest Buys Block Shares

Reports indicate that Ark Invest, Cathie Wood’s investment network, has purchased about $6.4 million in Block shares via three funds. The reports come from their recent trade filing reports which show 62,165 shares of Block Inc were bought at a closing value of $69.46 on March 13th.

Shares Purchased Through Three Funds

The 92,165 shares were invested through three different funds – 77,991 for the ARK Innovation ETF, 13,170 for the ARK Next Gen and 1,004 for the ARK Fintech innovation fund.

Previous Investments Made

This is not the first time Ark Invest have invested in Jack Dorsey’s Block inc., with investments having been made since September 2020 when 100k worth of Block Inc Shares was bought at around $6.9 million through the Innovation ETF ARKK and further investments being made in July 2021 buying 225k worth of Block Shares between two funds – 179k for ARKW and 46k for AKKK respectively.

Recent Market Volatility

Owing to economic pressures SQ share prices have taken a hit this past year falling from a high of $146 to its current price at $72 representing a fall of over 50%.

Future Evolution Of Block

Block is planning to unleash more innovations associated with BTC mining space and as such Ark Invest’s buying spree will support this evolution towards becoming a Bitcoin centric company as well as investing in other crypto-focused firms such as Coinbase where they hold 9.9 million Coinbase shares currently at press time..