Cathie Wood Dumps Jack Dorsey's Block As Bitcoin Flirts With All-Time Highs, Bets $8.8 million On Tempus AI

On Wednesday, the Cathie Wood-led Ark Invest made a significant move by purchasing a substantial number of shares in Tempus AI Inc. (NASDAQ:TEM) and selling shares of Block Inc. (NYSE:XYZ). The trades were executed through the ARKG and ARKK ETFs.

The Tempus AI Trade saw Ark Invest acquiring a combined total of 150,563 shares of Tempus across ARK Genomic Revolution ETF (BATS:ARKG) and ARK Innovation ETF (BATS:ARKK). The ARKG ETF added 19,582 shares, while the ARKK ETF purchased 130,981 shares. Tempus AI’s first-quarter financial results were impressive; the company reported revenue of $255.74 million, surpassing the estimated $248.13 million figure. Additionally, Tempus AI’s adjusted loss per share was narrower than expected, signaling a positive outlook for the AI-focused precision medicine company. The total value of the shares acquired by Ark Invest is $8.8 million based on the stock’s closing price of $58.41 on Wednesday.

The Block Trade involved Ark Invest selling 96,503 shares of the Bitcoin (CRYPTO: BTC)-focused company through its ARKK ETF. The trade was valued at $6.6 million. Block shares ended the day at $69.01. Notably, Bitcoin, the apex cryptocurrency, hovered near all-time highs of $111,148.02 at the time of writing.

This decision comes amid recent developments at Block, where CEO Jack Dorsey unveiled a new decentralized messaging service called Bitchat. The service, which operates over Bluetooth, represents Block’s ongoing efforts to innovate and expand its technological offerings.

Other Key Trades:

• Sold 5,627 shares of Veeva Systems Inc (VEEV) through the ARKG ETF.
• Sold 50,823 shares of Roku Inc (ROKU) through the ARKK ETF.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal