Cathie Wood buys $31 million worth of crypto stock ahead of Halloween
Cathie Wood is among the most bullish investors when it comes to the crypto sector. Well-known for her bullish $1.5 million Bitcoin (BTC) price prediction, her investment firm ARK Invest regularly drops millions of dollars on crypto stocks.
Whether it's crypto treasury or tokenization trends, Wood is ahead of most Wall Street giants in identifying and investing in emerging technologies and confidently backs her convictions with decisive action.
But the list doesn't end there. On Oct. 27, ARK Invest purchased Block Inc. (NYSE: XYZ) shares worth around $31 million.
The ARK Innovation ETF (ARKK) purchased 210,916 Block shares, the ARK Next Generation Internet ETF (ARKW) purchased 59,827 shares, and the ARK Fintech Innovation ETF (ARKF) also purchased 114,842 shares.
Led by Twitter co-founder Jack Dorsey, Block is a financial services company that has a suite of Bitcoin-centric offerings:
- Cash App wallet for Bitcoin investing
- Bitkey, a self-custody Bitcoin hardware wallet
- Proto, a Bitcoin mining system
Dorsey himself is a strong Bitcoin advocate who recently said, "Bitcoin is money."
In July, the company found a home in the much-coveted S&P 500 index. The company's stock closed at $80.15 on Oct. 27, up 0.77% in a day.
How crypto markets could react on Halloween
Notably, around $31 billion worth of Bitcoin options are set to expire on Halloween. Large expiries often suppress volatility leading into the cut-off, then result in a clearer directional move in the 24-72 hours that follow, Bitfinex analysts have told Decrypt.
It means that the crypto market, which crashed earlier this month after President Donald Trump's tariff threat against China, should be prepared for further volatility over the weekend.
However, President Trump is expected to meet his Chinese counterpart Xi Jinping in South Korea on Oct. 30. If the two leaders reach even a temporary truce, the crypto market would welcome it with open arms and could possibly rally.
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