Ark Invest, under the leadership of Cathie Wood, has sold a total of 526,991 shares in Block Inc., equating to approximately $29.1 million, in a span of two trading days as part of its fund rebalancing strategy. The firm’s most recent transaction report revealed that the ARK Innovation ETF (ARKK) divested 203,659 Block Inc. shares on Tuesday and an additional 323,332 shares on Monday.
Block’s shares closed with a 1% increase at $55.29 on Tuesday. The Jack Dorsey-led payments company has experienced a 36% decrease in its stock price since the beginning of the year.
Block Inc. oversees several business operations that are vital to the cryptocurrency industry. This includes its prominent subsidiary, Cash App, a mobile payment service that empowers users to send money and engage in buying, selling, and holding Bitcoin, as per the findings on The Block’s equities dashboard.
In the previous year, Cathie Wood made a statement that Ark’s goal is to prevent any single stock from exceeding 10% of a fund’s portfolio. On Monday, Ark purchased 52,753 Coinbase shares, valued at roughly $9.4 million, for its ARKK ETF and 11,605 Coinbase shares, worth about $2.1 million, for the Ark Fintech Innovation ETF.
As of Tuesday, Coinbase stock accounted for a 7.06% weight in the ARKK fund, making it the third-largest holding within the ETF. In contrast, Block represented a 2.68% weight, according to Ark’s most recent disclosure.
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