Cathie Wood’s Ark Invest Buys $89M Worth of TWTR After the Bitcoin Tips Integration
Ark Investment Management has doubled down on its support for the social media platform led by Jack Dorsey. Interestingly, the latest substantial shares purchase came just a day after Twitter announced it would enable BTC tips.
As reported by Benzinga, Cathie Wood’s investment manager has purchased nearly 124,000 shares of Twitter on Friday. With the TWTR closing prices, this amount equaled $88.74 million.
Ark Invest used two of its most popular ETFs – the Ark Innovation ETF (ARKK) and the Ark Next Generation ETF (ARKW) – to accumulate the Twitter stocks.
Consequently, the social media platform has become ARKW’s third-largest investment out of approximately 50 stocks.
The total allocation from the two ETFs in TWTR shares is now just under 11 million – worth roughly $760 million as of Friday. This came after another sizeable purchase in mid-May when Twitter’s stocks fell hard.
What’s particularly interesting about this week’s accumulation is the timing. Just a day ahead of Ark’s investment, Twitter had announced significant news in relation to Bitcoin.
CryptoPotato reported that the social media giant, led by one of the most popular BTC proponents Jack Dorsey, said it will enable its users to send bitcoins to any account with such a wallet.
In the article explaining the move, called Bringing Tips to Everyone, Twitter’s Staff Product Manager – Esther Crawford – added that the primary cryptocurrency could encourage more people to participate in a globalized and digital economy.
It’s also worth noting that the Bitcoin payments will happen on the Lightning Network after a partnership with Strike.
Previously, the company’s CEO has outlined his support for the asset, saying he would like to make BTC the money of the Internet. Additionally, Dorsey noted during the Bitcoin Conference in Miami earlier this year that he would quit Twitter and Square to work on the BTC network if it needed him.
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