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Cathie Wood’s Ark Invest bought $37.4 million in Jack Dorsey-led Block Inc. shares Monday, spreading the purchase across three actively managed exchange-traded funds.
Ark bought 456,059 shares of Block, which trades under the ticker XYZ, according to a trading notification from the investment firm.
The firm allocated 191,732 shares, worth about $15.7 million, to its flagship ARK Innovation ETF. The ARK Next Generation Internet ETF acquired 88,065 shares valued at roughly $7.2 million, while the ARK Fintech Innovation ETF added 176,262 shares worth about $14.5 million.
Block shares closed down 3.23% Monday at $80.20.
Dorsey, a long-time Bitcoin proponent, co-founded Block in 2009. Originally called Square Inc, the company operates the Square merchant platform, Bitcoin and financial app Cash App, and develops Bitcoin mining hardware.
The purchase followed Block’s second-quarter earnings report. The company posted $3.17 billion in gross profit, up 25% from a year earlier, and raised its 2026 gross-profit forecast to $12.51 billion. That would represent 21% annual growth
Block also reported $447 million in operating income and $864 million in adjusted operating income for the quarter. The company credited artificial intelligence with helping write and review nearly all its production code changes in June.
Those results followed a February restructuring that cut Block’s workforce by more than 40%, from over 10,000 employees to fewer than 6,000.
Ark also bought 35,192 shares of USDC stablecoin issuer Circle Internet Group through its fintech fund. The stake was worth about $3.36 million as Circle closed Monday at $95.55, up 9.65%. Ark also sold shares of Palantir, Shopify, Roblox, AMD, and Tempus AI on the same day but did not say the sales financed its Block or Circle purchases.
Source: finance.yahoo.com