Cathie Wood's Ark Invest keeps Block spending spree going, adds $9 million
Quick Take
- Ark Invest added 122,547 Block shares across three funds.
- The purchase came to a little over $9 million.
- The investment manager has now bought almost $30 million worth of Block shares this week.
Cathie Wood's Ark Invest purchased shares in Jack Dorsey's Block for the third day.
Ark added 122,547 Block shares across three funds on Wednesday. The purchases were estimated at a little over $9 million. Wood's asset management firm added 104,480 Block shares to its Ark Innovation ETF, 17,162 shares to Ark Next Generation Internet ETF and 905 shares to the Ark Fintech Innovation ETF, according to its latest trade filing.
Block closed up 0.6% yesterday to $74.07. The purchases came to around $9 million based on the price at the close.
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Wood's firm has purchased around $29 million — $6.4 million on Monday and $13.7 million on Tuesday — worth of Block shares this week. The lion's share of the purchases was added to the Ark Innovation ETF.
The asset manager also revealed it had raised $16.3 million for a new private crypto fund. The fund will be split across the U.S. and the Cayman Islands, according to filings with the SEC. The U.S. fund raised $7.3 million from nine separate investors, and the Cayman fund received just under $9 million from one investor. The funds are open-ended.
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