Cathie Wood-led Ark Investment Management on Friday snapped up 225,937 shares, estimated to be about $53.7 million, in Square Inc (NYSE:SQ), ramping up its foray into Bitcoin (CRYPTO: BTC) play as the payment company prepares to build a Bitcoin (CRYPTO: BTC) hardware wallet.
Shares of Square closed 1.04% higher at $237.52 on Friday.
Ark Invest deployed both Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW) to buy Square shares on Friday, nearly a month after the last trade when it shed some of its stake in the company.
The investment firm also holds a stake in Square via the Ark Fintech Innovation ETF (NYSE:ARKF).
Together, the three ETFs held 7.07 million shares, worth $1.66 billion, ahead of Friday’s trade.
Square CEO Jack Dorsey, who also heads Twitter Inc (NYSE:TWTR), earlier this month confirmed the payments company is launching a Bitcoin hardware wallet.
See Also: Over 1100% Surge In Bitcoin Revenue Drives Square’s Q1 Earnings Beat: What You Need To Know
Ark also snapped up 64,001 shares, estimated to be worth about $14.4 million, in Coinbase Global Inc (NASDAQ:COIN), its 33rd straight buy in the cryptocurrency exchange since the latter’s blockbuster listing on NASDAQ in mid-April.
The New York-based investment firm bought the shares via ARKK but also holds stakes in Coinbase via ARKF and ARKW.
Together, the three ETFs held 5.5 million shares, worth $1.23 billion, in Coinbase ahead of Friday’s trade.
Goldman Sachs earlier this week noted that even if the prices of Bitcoin (CRYPTO: BTC) and other cryptocurrencies see further dips, Coinbase will continue to benefit from the volatility.
See Also: Cathie Wood Buys Another $15.5M In Bitcoin-Play Coinbase, Further Trims Nvidia