A subscription to ARK Invest's trade notifications has revealed a huge purchase of Square shares just after Jack Dorsey's announcement about building DeFi on Bitcoin.
179,644 shares of Square (SQ) were added to ARK Invest's ARKK ETF and another 46,273 shares were added to the ARKW ETF. The cumulative purchase comes to 225,937 new shares of Square worth around $53.6 million.
ARK Invest made these investments on the same day that Jack Dorsey announced that a new division of Square would focus on developing DeFi using Bitcoin.
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On Friday Dorsey sent out a tweet that said that Square would create a new division that would focus on making decentralized and non-custodial financial services using Bitcoin.
Later that day the subscription to ARK's trades showed that it had acted on the information and acquired a significant amount of Square shares.
ARK Invest's investments over the last few weeks have shown a deepening bet on the overall crypto industry. On Friday the firm purchased another 64,000 shares of Coinbase (COIN) as well. ARK has added nearly half a million shares of COIN across two ETFs in the last month.
The recent investments represent a level of confidence in the market and a move to benefit from the recent downturn. Since late April, Bitcoin has dropped over 50%, taking other cryptos and crypto-related businesses with it.
While some fear an even deeper drop for the market could be around the corner others, like Cathie Wood and ARK Invest, are taking full advantage of lower prices.
This story is developing.