Ark Invest buys $ 89 million worth of Twitter shares after incorporating BTC tips

Ark Invest bought Twitter shares worth $ 89 million shortly after the social media giant announced it was integrating Bitcoin Tips. So read on to find out more about our bitcoin news.

Cathie Wood’s management firm Ark Investment has doubled its support for the social media giant, and the recent massive stock buy comes just days after Twitter announced it would allow tips from BTC. Ark Invest bought the shares for $ 89 million with a TWTR closing price of $ 88.74 million, according to Woods’ announcement. Ark Invest used two of its ETFs to accumulate Twitter stocks, and now the social media platform is the third largest investment of ARKW’s 50 stocks. The total allocation of the two ETFs in TWTR stocks was below 11 million, or about $ 760 million, on Friday. It did so when another buy was made in mid-May when Twitter stock slumped.

The most interesting thing about this accumulation is the timing. Just one day before buying Ark Investment, tWitter announced important news about BTC. According to reports, the social media platform is being run by Jack Dorsey, the biggest BTC advocate, who says it will allow users to send BTC to an account with such a wallet. In a post explaining the decision, Twitter product executive Esther Crawford added that the premier cryptocurrency will encourage even more people to participate in the globalized digital economy.

It should be noted that BTC payments will be made when the Lightning Network partnership is fully in effect. Previously, the company’s CEO had put out his support for the property by saying he would make BTC money for the internet, and Dorsey noted that if necessary, he would leave Twitter to work on the network.(Ark Invest )

As recently reported, as part of a larger plan to support developers on the platform, Twitter has introduced Bitcoin-limited features, including support for Lightning wallets. The company even announced that BTC is operating without a global barrier, stating that the crypto initiatives will help participate in the “growing decentralized news.” Twitter users have two ways to use BTC tips. The first comes through a menu of payment options, including Square’s Cash app and Go Fund Me, which allow users to tip or deposit in a more conventional way on a BTC address.

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