ARK Invest’s flagship fund, the Ark Innovation ETF, liquidated 235,489 shares of Block (formerly Square) for more than $20.1 million to buy an additional 366,982 shares of Nvidia for $65.3 million.
Estimates are based on closing prices of SQ and NVDA as of August 8.
NVIDIA’s stock was added to ARK Next Generation Internet ETF (47,069), ARK Fintech Innovation ETF (30,684) and ARK Innovation ETF (289,229).
NVIDIA’s market capitalisation as of the close on August 8 fell by 6.32%. The market reacted to the substantial discrepancy between actual revenue data and the analysts’ average forecast — $6.7 billion versus $8.1 billion.
Earlier in April, ARK Invest liquidated its PayPal stake. CEO Cathie Wood said the move reflected greater confidence in the prospects of Block’s Cash App.
Earlier the payments company reported a net loss of $208 million with gross profit of $1.47 billion. Block’s revenue from selling Bitcoin via the Cash App amounted to $1.79 billion.
The slowdown in momentum is primarily due to softer consumer demand and Bitcoin prices, partly linked to broader uncertainty around digital assets, the company explained.
In July, ARK Invest’s Cathie Wood disposed of Coinbase shares for $75 million. The move came amid information about a SEC investigation into Coinbase’s activities.
Coinbase shares later rebounded from historical lows amid the Bitcoin price recovery and in light of news about a partnership with BlackRock.
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