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    ARK Invest sells $31M in shares of Jack Dorsey’s Block

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    ARK Invest sold 418,556 shares of Jack Dorsey’s financial firm, Block, from two of its funds during a positive period for crypto markets. The company sold $31 million worth of Block shares which had risen by 13% since the start of October 2024. Following this, ARK increased holdings in its own Bitcoin exchange-traded fund (ETF), ARK 21Shares Bitcoin ETF. The Bitcoin ETF has surged up 39% since the start of 2024, while Bitcoin’s price hit over $71,000 on October 28.

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    ARK Invest, a company that’s big into cryptocurrencies, recently sold loads of shares from financial firm Block, which is owned by Twitter’s Jack Dorsey. The timing was spot on as crypto markets were doing pretty well. They got rid of a total of 418,556 Block shares from two funds on October 28, according to their trade notification on October 29. They sold 272,842 shares from the ARK Innovation ETF and 145,714 shares from the ARK Next Generation Internet ETF. Overall, they pocketed $31 million, looking at Block’s closing price of $74.5.

    This October, Block stock had its own mini-party, jumping by 13% since the start of the month from $65.9 to more than $70 by October 10. By October 17, it had reached its highest price since April at $74.6, coming close to its highest price of the year so far, which was $85.7 back in March.

    The big move by ARK and the rise in Block’s share price both happened during a good patch for crypto markets in October – think “Uptober.” This is usually a bullish period, where there’s more buying than selling going on. Block, which runs Cash App and Square, is super focused on payments, especially those involving Bitcoin. Jack Dorsey, the company’s co-founder, even said back in May that they would start buying Bitcoin each month using 10% of the profits from their Bitcoin products.

    Despite backtracking on Block, ARK has ramped up holdings in their own Bitcoin exchange-traded fund (ETF), called the ARK 21Shares Bitcoin ETF. The ARK Fintech Innovation ETF purchased 6,698 shares of it on October 28, costing ARK around $466,000. This Bitcoin ETF has surged in value up 39% since the start of 2024, while the price of Block shares remains pretty much the same. All this happened as Bitcoin hit over $71,000 on October 28 – it’s currently trading at $70,980, off by just 3.6% from the all-time high of $73,600 recorded on March 14, 2024.

    Source: Cointelegraph

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