Cathie Wood‘s ARK Invest has bought into the weakness in Block (SQ) shares following the Hindenburg report. Three of the ARK funds including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) together spent $21 million buying Block shares.
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Block has a weightage of 5.6% in ARKK and 6.8%, and 8.7% in ARKW and ARKF, respectively, and is one of the top 10 holdings for all three ETFs.
These three funds also spent another $18 million to buy Coinbase Global (COIN) after the crypto exchange stock slumped yesterday after an SEC notice.
COIN is also one of the top 10 holdings for all three ETFs and has a weightage of 6.75%, 8.4%, and 10.8% in ARKK, ARKW, and ARKF, respectively.
Wood’s flagship ETF, ARKK is up by more than 25% year-to-date.
