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. TEM and selling shares of Block Inc. 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 ARKG and ARK Innovation ETF 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 BTC/USD-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