Cathie Wood Continues To Sell Shares Of Jack Dorsey's Bitcoin-Focused Company Block — Ark Also Dumps Moderna, Robinhood Stock

On Wednesday, Cathie Wood’s Ark Invest made significant trades involving Block Inc (NYSE:SQ) and Moderna Inc (NASDAQ:MRNA).

The SQ Trade

Ark Invest sold off a significant amount of shares in the Jack Dorsey-led Block, despite the Bitcoin (CRYPTO: BTC)-focused company’s recent positive second-quarter results. The sale involved 23,473 shares from the ARK Innovation ETF (NYSE:ARKK), which, based on the closing price of $73.53 on Wednesday, is valued at approximately $1.72 million. Notably, this is the second day in running when Wood dumped Block shares. On Tuesday, Ark had offloaded 17,816 shares worth $1.28 million.

The MRNA Trade

Ark Invest also sold shares of Moderna Inc from both its ARK Genomic Revolution ETF (BATS:ARKG) and ARKK funds, totaling 46,186 shares. Based on the closing price of $57.46 per share on Wednesday, the value of this trade is approximately $2.65 million. Moderna recently outlined its post-Covid roadmap, highlighting its mRNA-based pipeline and revised financial plans, which could have influenced Ark’s decision. Earlier on Tuesday, Wood had sold 24,981 shares of Moderna. worth $1.4 million.

The HOOD Trade

Ark Invest also offloaded 2,636 shares of Robinhood Markets Inc (NASDAQ:HOOD) from its ARK Next Generation Internet ETF (NYSE:ARKW). The trade, valued at approximately $71,000 based on the closing price of $26.93 on Wednesday, comes as Robinhood announced the launch of futures trading and index options trading, marking a major expansion of the platform’s offerings.

Other Key Trades:

• Ark Invest bought shares of Intellia Therapeutics Inc (NTLA) and shares of CRISPR Therapeutics AG (CRSP) for its ARKK fund.
• It also purchased shares of Tempus AI Inc (TEM) for the ARKK fund and shares for the ARKG fund. For its ARKQ fund, Ark sold shares of Markforged Holding Corp (MKFG) and shares of Materialise NV (MTLS), while buying shares of Blade Air Mobility Inc (BLDE).

Image via Wikimedia Commons

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal