Cathie Wood's Ark Invest Buys $18M In Shopify Stock Amid Price Dip, Sells Shares In Bitcoin Bull Jack Dorsey's Block Inc

On Monday, Cathie Wood’s Ark Invest made some significant trades, the most notable being the purchase of Shopify Inc (NYSE:SHOP) shares and the sale of Block Inc (NYSE:SQ) shares.

The Shopify Trade

Ark Invest’s ETFs, including Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), and ARK Next Generation Internet ETF (NYSE:ARKW), purchased a total of 313,923 shares of Shopify on Monday. This move came after the company released its first-quarter earnings report earlier in the month. The trade was valued at approximately $18.45 million, based on Shopify’s closing price of $58.78 on the day.

Earlier this month, Benzinga reported that Shopify’s shares had tanked after the company reported its first-quarter results, with analysts expressing concerns about the company’s profitability.

The Block Inc Trade

On the same day, Ark Invest sold a total of 110,334 shares of Block Inc across its ARKF, ARKK, and ARKW ETFs. This decision came after Block’s stock soared following its first-quarter earnings report and strategic Bitcoin (CRYPTO: BTC) investment, as highlighted by Benzinga. The value of this trade was approximately $7.7 million, based on Block’s closing price of $69.74 on Monday.

Other Key Trades:

• Ark Invest’s ARKF and ARKK ETFs bought shares of Roblox Corp (RBLX).
• ARKF sold shares of Global-E Online Ltd (GLBE). ARKG sold shares of Verve Therapeutics Inc (VERV) and bought shares of Recursion Pharmaceuticals Inc (RXRX).
• ARKQ sold stock of Velo3D Inc (VLD). ARKX bought shares of Iridium Communications Inc (IRDM).

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