ARK Invest, a crypto-asset management firm, has sold shares of Jack Dorsey's financial company Block amid the cryptocurrency market frenzy.
ARK sold 418,556 Block shares from two of its funds on October 28, the company announced in a trade notification on Tuesday, October 29.
The transaction included the sale of 272,842 Block shares from the ARK Innovation ETF and 145,714 Block shares from the ARK Next Generation Internet ETF.
The sale generated $31 million at Block's closing price of $74.5, according to TradingView data.
Block stock rose 13% in October
ARK's $31 million sale came as Block's stock saw significant growth over the past month. Since October 1, Block's stock has surged nearly 13% from $65.9, crossing the $70 mark on October 10, according to TradingView.
On October 17, Block reached its highest level since April at $74.6, nearing its year-to-date high of $85.7 set in March.
Block's price chart YTD. Source: TradingView
Block's surging stock price and ARK's sale came amid a bullish crypto market in October, with BTC gaining over 11% since October 1. The "Uptober" trend shift is commonly seen in October.
Block, which operates Cash App and Square, is a major financial services company focused on payments and Bitcoin acceptance. In May, co-founder Dorsey said the company would invest 10% of its gross profit from BTC products into buying BTC each month.
ARK boosts position in its Bitcoin ETF
As it trimmed Block, ARK increased its holdings in its spot Bitcoin ETF, the ARK 21Shares Bitcoin ETF (ARKB).
According to ARK's trade data, the ARK Fintech Innovation ETF bought 6,698 ARKB shares on October 28. At a closing price of $69.6, the transaction cost ARK around $466,000.
Unlike Block, the ARK 21Shares Bitcoin ETF has gained 39% YTD, according to TradingView data.
ARK 21Shares Bitcoin ETF's price chart YTD. Source: TradingView
This comes as BTC surpassed $71,000 on October 28 amid a wave of inflows into BTC ETFs. At the time of writing, BTC is trading at $70,980, down around 3.6% from its record high of $73,600 reached on March 14, 2024.
