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ARK Investment ups stake in Square following crypto product plans

Square's CEO, Twitter founder Jack Dorsey, said the firm will create a new business focused on building “an open developer platform” that will make it easier to create “non-custodial, permissionless, and decentralized financial services”

Square inc - ARK Investment ups stake in Square following crypto product plans

ARK Investment Management, run by star stock picker Cathie Wood, has increased its holding in payments firm Square inc (NYSE:SQ) after the latter unveiled plans to begin building crypto products.

On Monday, the asset manager reportedly purchased 225.937 shares in Square after its chief executive, Twitter Inc (NYSE:TWTR) boss Jack Dorsey, tweeted that the company is setting up a new business focused on building “an open developer platform” that will make it easier to create “non-custodial, permissionless, and decentralized financial services” with a primary focus on Bitcoin.

Square is also creating a new Bitcoin hardware wallet, Dorsey said, to make holding the crypto more mainstream.

ARK is also a keen backer of crypto, with the company filing paperwork with US regulators last month to create a Bitcoin exchange-traded fund (ETF).

READ: Cathie Wood’s ARK Invest plans Bitcoin ETF

The group’s flagship Innovation fund also holds over US$800mln worth of shares in crypto trading platform Coinbase Global Inc (NASDAQ:COIN), making it one of the fund’s ten largest holdings.

Shares in Square were down 1.1% at US$235 in pre-market trading in New York on Monday.

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