Cathie Wood-led Ark Investment Management on Monday lowered its exposure in Block Inc (NYSE: SQ), the money manager's first selling of the crypto-linked fintech stock this year.
The popular investment firm sold 281,910 shares — estimated to be worth $38 million as of their last close — in the Jack Dorsey-led financial services and digital payments company.
Block closed 4.12% lower at $134.8 a share on Monday. The stock is down 18% year-to-date.
Ark Invest has been piling up shares in Block for months along with buys in Coinbase Global Inc (NASDAQ: COIN) and Robinhood Markets Inc (NASDAQ: HOOD).
St. Petersburg, Florida-based Ark Invest held 80.08 million shares in Block before Monday’s trade.
The latest sell represents a 3.8% decrease in Ark Invest’s stake in Block.
Ark Invest holds shares in Block via three of its six actively traded exchange funds, namely the Ark Fintech Innovation ETF (NYSE: ARKF), the Ark Next Generation Internet ETF (NYSE: ARKW), and the Ark Innovation ETF (NYSE: ARKK).
See Also: Cathie Wood Raised Exposure In These Three Crypto-Linked Fintech Stocks On Monday
Block ranks among the top five holdings behind Tesla Inc (NASDAQ: TSLA), Teladoc Health Inc (NYSE:TDCO), Roku Inc (NASDAQ: ROKU), and Zoom Video Communications Inc (NASDAQ: ZM) in the money managing firm’s portfolio.
Block (formerly Square) reported nearly $2 billion from Bitcoin (CRYPTO: BTC) revenue, a jump of 12% year-on-year for the fourth quarter. The payments company had then said in the absence of COVID-19 government stimulus, the momentum in its consumer-focused digital wallet Cash App would slow down considerably.
See Also: Why Is Block Inc Surging After Hours? A Closer Look At Q4 Earnings
Ark also bought 32,635 shares — estimated to be worth $22.3 million— in Shopify Inc (NYSE: SHOP). The stock closed 1.4% lower at $683.45 a share on Monday.
Photo courtesy: Block Inc
