The well-known asset management company ARK Invest, which specializes in cutting-edge technology and cryptocurrencies, has sold $31 million worth of shares in Block, Jack Dorsey’s business. This action coincides with a noticeable uptick in the cryptocurrency market, which has seen Block’s stock jump by about 13% in October.
ARK Invest declared on October 28 that it has sold 418,556 shares from two of its largest funds. At a closing price of $74.50 per share, the sale generated approximately $31 million. This includes 272,842 shares from the ARK Innovation ETF and 145,714 shares from the ARK Next Generation Internet ETF.
Over the past month, Block’s share price has increased significantly, rising from $65.90 on October 1 to a high of $74.60 by the middle of the month, which is close to its year-to-date peak of $85.70 set in March. With Bitcoin alone rising more than 11% since the start of October, the company has profited from the general optimistic tendencies in the cryptocurrency industry.
ARK is increasing its stakes in the ARK 21Shares Bitcoin ETF (ARKB), its own spot Bitcoin exchange-traded fund (ETF), while decreasing its holding in Block. On the day of the block sale, ARK purchased 6,698 shares of ARKB, which, at a closing price of $69.60, were worth approximately $466,000. The value of ARKB has increased by an astounding 39% since the beginning of the year, in contrast to Block.
With Bitcoin’s recent surge to almost $71,000, ARK Invest’s strategic choices demonstrate a sharp focus on seizing opportunities in the quickly changing financial landscape, particularly as the business looks to take advantage of the continued optimism surrounding cryptocurrency investments.
