In the wake of Dorsey’s announcement, Cathie Wood’s ARK Invest Ups Square Holdings

Square‘s plans to develop crypto goods, including a hardware wallet, align with ARK’s goal of launching an exchange-traded fund.

Following comments from Square founder Jack Dorsey, ARK Investment Management has boosted its stakes in the payments processing business.

On Friday, Dorsey, also the CEO of Twitter, said that Square would launch an “open developer platform.”

According to its daily holding reports, Cathie Wood‘s New York-based ARK Investment acquired a total of 225,937 shares following the announcement.

Square‘s plans to develop cryptocurrency goods, including a hardware wallet, align with ARK’s plans to launch an exchange-traded fund (ETF).

The ARKK fund, which generally invests in technology upgrades, purchased a total of 179,664 shares, while ARKW, which typically invests in internet technology, added 46,273 shares to its holdings.

These acquisitions coincide with ARK’s purchase of 64,001 Nasdaq-listed Coinbase shares on Friday, where the company has already invested heavily.

According to statistics, ARK, which trades its assets on a case-by-case basis, sold 409,241 shares of Square in April when the stock was hovering around $256 before plummeting to a near 6-month low of $197.

Square stock was trading for about $237 at the end of Friday’s stocks market in the United States.

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