"Cathie Wood is actually very active in investing, she bought that one and she bought this one too."
A United States (US) multinational technology conglomerate Block Inc since March 13 has been seeing an increase when well-known investor Cathie Wood who is the founder of Ark Invest is reported to be continuously buying shares of the company.
Last Friday, Wood spent about $4.3 million to buy 59,000 shares split between his two exchange-traded funds, the ARK Innovation ETF (ARKK) and the Ark Next Generation Internet ETF (ARKW).
The following purchases were found to have occurred after Wood bought $29 million worth of Block shares the same week.
Like to be informed that most individuals are flocking to buy the company's shares as Block not only reduces the cost of financial services but is also in the process of developing a closed-loop ecosystem*.
*Businesses reuse the same materials over and over again to create new products for purchase
The closed-loop ecosystem could be one of the big developments in the digital wallet space, where customers don't need to interact with the bank because Cash App and Square will take care of it, commented Wood.
Even so, Block shares are still down more than 70% compared to their record high in August 2021.
According to analyst Ramsey El-Assal, Block shares have the potential to climb to $103 in the future.
