ARK Invest Resumes Buying Block Shares Amid Market Uptrend
After a substantial period of divestment, Cathie Wood’s ARK Invest has recommenced its acquisition of shares in Block, the financial services company led by Jack Dorsey. This move comes on the heels of a prolonged selling streak.
On Monday, ARK Invest added 262,463 shares of Block (XYZ) to its portfolio, a purchase valued at $19.2 million, with each share priced at $73, according to a trade report accessed by Cointelegraph. This acquisition aligns with Block’s recent market performance, which has seen an 8% rise over the past month, as reported by TradingView.
ARK’s Strategic Acquisition
The purchase was executed across ARK’s three major funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). ARKK, the largest of these funds, acquired 152,980 shares, bringing its total to approximately 1.34 million shares, amounting to $97.7 million.
Collectively, ARKK and ARKF now hold an additional 1.3 million XYZ shares, culminating in ARK Invest’s total holdings of 2.6 million shares worth $193 million.
A Shift in Investment Strategy?
This recent purchase marks ARK Invest’s first acquisition of Block shares in several months, suggesting a possible strategic pivot. Previously, the firm had sold 279,047 shares just last week, totaling about $22 million, and had offloaded 551,834 shares in July alone, which would now be valued at $40.3 million.
Prior to this latest transaction, no acquisitions were recorded in 2024 or earlier in 2025, with the last known purchases dating back to 2023.
Block’s Performance and Future Plans
Despite Block’s impressive financial performance in the second quarter, reporting a $2.54 billion profit and a 14% increase in year-over-year gross profit, its stock price dipped nearly 7% after the results were announced. Block’s Cash App was a significant contributor, generating $1.5 billion in gross profit and helping the company reach 8 million Bitcoin (BTC) accounts.
Even with a notable rebound since May, Block’s stock remains 21% below its January highs. Looking ahead, the company is set to launch a suite of Bitcoin banking tools for small and medium-sized enterprises, with initial integrations slated for late 2025.
Efforts to obtain a comment from Block regarding these developments were not successful by the time of publication.
