Ark Invest, led by Cathie Wood, has increased its stake in Block Inc., purchasing $19.2 million worth of shares across three of its exchange-traded funds (ETFs). The move comes as the fintech company’s stock reached its lowest closing price in three weeks.
According to Ark Invest’s latest trading disclosure, the ARK Innovation ETF (ARKK) acquired 152,980 shares, the ARK Next Generation Internet ETF (ARKW) bought 69,526 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 39,957 shares on Monday.
Block Inc.’s stock closed at $73.03, down 0.49% for the day and marking its lowest close since July 18, based on Yahoo Finance data. The stock has fallen 4% over the past five days but remains up 12% over the past month.
Despite recent price fluctuations, Block’s latest earnings report pointed to strong performance. For the second quarter, the company posted $2.54 billion in gross profit — a 14% increase year-over-year — and raised its full-year gross profit forecast to $10.17 billion, up from its earlier projection of $9.96 billion.
Formerly known as Square, Block operates a range of financial technology services, including crypto-related business lines. The company holds bitcoin both as a corporate investment and to support bitcoin transactions for users. As of the end of June, Block reported holding 8,692 BTC.
Ark Invest’s latest purchase suggests continued confidence in Block’s long-term potential, particularly as the company deepens its presence in the cryptocurrency space while maintaining growth in its core fintech operations.
