ARK Invest fund decided to purchase 225,937 Square, Inc. stocks worth around $50 million. Right before the big purchase, the CEO of Square, Jack Dorsey, announced that Square is developing a new open platform that will allow developers to create decentralized financial services.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.— jack (@jack) July 15, 2021
According to the daily report, ARK Innovation ETF and ARK Next Generation Internet ETF bought an additional 179,664 and 46,273 stocks of Square, respectively. Earlier this year, ARK Invest sold nearly 280,000 shares of Square.
Jack Dorsey's Square, Inc. has always been interested in the cryptocurrency business. For example, in April, Square announced that it is considering developing a Bitcoin hardware wallet and solar-powered Bitcoin mining facility.