Ark Invest Buys $89M Worth Of Twitter Shares After BTC Tips Integration

Ark Invest buys $89M worth of Twitter shares right after the social media giant announced the Bitcoin tips integration so let’s read more in our bitcoin news.

Cathie Wood’s Ark Investment management doubled down on its support for the social media giant and the latest substantial share purchase came only a few days after Twitter announced to be enabling BTC tips. Ark Invest buys $89M worth of these shares as announced by Wood with the TWTR closing prices equaling $88.74 million. Ark Invest used two of its ETFs to accumulate the Twitter stocks and now the social media platform became ARKW’s third-biggest investment out of 50 stocks. The total allocation from the two ETFs in TWTR shares is under 11 million or worth about $760 million as of Friday. This came as another purchase was made in mid-May when twitter’s stocks dropped hard.

What’s most interesting about this accumulation is the timing. Just a day ahead of the Ark Investment purchase, tWitter announced major news in relation to BTC. The reports show that the social media platform led by the biggest BTC proponent Jack Dorsey said it will enable the users to send BTC to an account with such a wallet. In the article explaining the decision, Twitter’s staff product mangere Esther Crawford added that the main cryptocurrency will encourage even more people to participate in a globalized digital economy.

It’s worth noting that the BTC payments will happen once the Lightning Network partnership will Strike goes into full effect. Previously, the CEO of the company outlined his support for the asset saying he will make BTC the money of the internet and Dorsey noted that he will quit Twitter if necessary to work on the BTC network.

As recently reported, Twitter rolled out Bitcoin tipping features including support for Lightning wallets as a part of the larger plan to support the creators on the platforms. The company even announced features noting that BTC operates without global barriers and declared that the crypto initiatives will help participate in the “evolving decentralized news.” Twitter users will have two options to employ the BTC tips. The first is via the menu of payment options which include Square’s Cash App and Go Fund Me that will allow users to send tips to a BTC address or to send money in a more conventional way.