On Wednesday, Cathie Wood-led Ark Invest made a significant move by offloading shares of Block Inc (NYSE:SQ) amidst Bitcoin (CRYPTO: BTC) prices recovering.
The Block Inc Trade
The sale, worth $3.5 million, was executed through Ark's flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) with a total of 42,608 shares sold. The value of the trade, calculated from the latest closing price of $81.46. Notably, at the time of writing, Bitcoin traded nearly 6.6% higher at $67,330.71.
Ark has sold Block shares in every trading session of the current week. On Monday, Ark sold Block shares worth $8.95 million and on Tuesday, the firm sold $7.5 million worth. For the week, including Wednesday's sale, the total stands at $19.95 million.
Notably, Wood came to the defense of Block when the short seller Hindenburg issued an adverse report against the company.
Other Key Trades:
Ark Invest bought shares of Cerus Corp (NASDAQ:CERS). The firm also bought shares of Personalis Inc (NASDAQ:PSNL).
Ark also purchased shares of Moderna Inc (NASDAQ:MRNA) through its ARKK fund. Shares of Twilio Inc (NYSE:TWLO) were sold from both the ARKK and ARKW portfolios.