Jack Dorsey’s Square has been making interesting moves in the cryptocurrency space, and this has convinced Ark Invest to boost its investment in the company.
Ark Invest impressed by Square’s Bitcoin initiatives
Cathie Wood’s Ark Invest announced that it had increased its investments in Square Holdings, the payment company of Twitter boss Jack Dorsey. The additional investment comes following some interesting initiatives from Square.
Ark Invest’s daily holding files indicate that the company has recently bought a total of 225,937 shares. The New York-based investment firm is bullish on Square and its initiatives in the cryptocurrency space.
Square had announced earlier this month that it is currently developing a dedicated Bitcoin wallet. The payment company said the hardware wallet would make Bitcoin custody more mainstream
At the time, the company’s hardware lead, Jesse Dorogusker, said, “We’ll continue to ask and answer questions in the open. This community’s response to our thread about this project has been awesome - encouraging, generous, collaborative, & inspiring.”
Twitter CEO Jack Dorsey has always made his admiration for Bitcoin known. He has maintained on numerous occasions that he will only get involved with Bitcoin and no other cryptocurrency. Despite launching his NFTs on the Ethereum network, Dorsey said he would only invest in Bitcoin.
Last week, Square announced that it would build a platform for decentralized financial services. Dorsey said, “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.”
The DeFi projects are mostly built on the Ethereum and other smart contract platforms. However, Dorsey said the platform would be focused on Bitcoin, implying that the market could see more Bitcoin DeFi projects soon.
Ark Invest is impressed with Square because the innovations align with its desire to launch a Bitcoin exchange-traded fund. The investment firm filed a Bitcoin ETF proposal with the US Securities and Exchange Commission (SEC) earlier this month.