Cathie Wood Buys $459K In Bitcoin Bull Jack Dorsey’s Block

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Cathie Wood-ledArk Investment Managementbought 7,198 shares inBlock IncSQ on Wednesday, estimated to be worth $459,520. The shares were purchased through theArk Fintech Innovation ETFARKF.

Block, a fintech company led by Jack Dorsey, is one of the keyBitcoinBTC/USD or cryptocurrency plays in Wood’s portfolio. Her hedge fund also has substantial stakes inCoinbase IncCOIN andRobinhood IncHOOD, which heavily rely on cryptocurrencies for their revenues.

Wood, earlier this week, defended his firm’s backing of Coinbase, naming three revolutions around cryptocurrencies that “will not be stopped.”

Ark owned 8,445,331 shares in Block via three exchange-traded funds, estimated to be worth about $539 million, before Wednesday’s trade.

Dorsey in May said Block’s entire business would move forward faster globally, thanks to Bitcoin, calling the apex coin’s network an “open standard for global money transmission.”

Some analysts disagree with Dorsey. Mizuho’s Dan Dolevsaid Block’s “over-association” with Bitcoinis a shame.

Tagging SQ as a ‘crypto stock’ has prevented the stock from benefiting from strengthening fundamentals, including accelerating GP dollars ex-Bitcoin across bothCash Appand Seller ecosystems,” Dolev said last month.

Price Action:Block shares closed 2.68% lower at $63.84 on Wednesday, according todata from Benzinga Pro, in line with a wider trend as fintech stocks mostly slumped in the regular session.

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