Cathie Wood’s ARK Invest is gobbling up shares of Jack Dorsey’s payments firm Block as the banking sector continues its downward slide.
According to ARK Invest’s data, the hedge fund began purchasing shares of Block, formerly known as Square, starting March 13th with 91,000 shares before buying another 186,000 the following day over three transactions.
The data reveals that ARK spent about $14.4 million on shares of Block, which are trading for $72.88 at time of writing.
Earlier this month, Wood, ARK’s chief executive, doubled down on the crypto industry by investing in trading platforms Coinbase and Robinhood. The hedge fund bought 50,000 shares of Coinbase and over a million shares of Robinhood, worth $2.9 million and $9.57 million at time of purchase.
Recently, Wood came out and said that Bitcoin (BTC) and Ethereum (ETH), the two leading crypto assets by market cap, are proving their worth as the nation’s banking crisis deepens.
According to Wood, the struggles of the banks could mark the start of a decentralized finance (DeFi) era as investors become more skeptical of centralized entities.
“Short-term signals, on-chain signals might have turned a bit negative because crypto is not immune from liquidity pressures generally in the traditional world, but this idea of decentralized and transparent, which we believe is going to support digital wallets, has just gotten more of a proof of concept, more centralized entities are going under.”
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