Cathie Wood loads up on over $7 million worth of Block and Robinhood shares
Cathie Wood's Ark Invest bought shares in Block and Robinhood this week as the two crypto-adjacent companies prepared to release earnings. Ark purchased 69,756 Block shares and 343,623 Robinhood shares on Wednesday across two funds, according to its latest trade filing. Block shares closed down at $54.64 yesterday ahead of earnings today.
Jack Dorsey's firm delivers earnings this evening, with gross payments volume — number of payments less refunds of merchants using the companies payment software — one of the key metrics to watch. In the third quarter of 2021, this figure came in at over $45 billion, and analysts estimate it rose to $54.3 billion in the past quarter, according to data via Visible Alpha. Based on this price, the Ark Innovation ETF's purchase cost around $3.8 million.
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