Ark Invest buys $19 million worth of Block Inc. shares as stock hits three-week low
Quick Take
- Ark Invest, led by Cathie Wood, acquired an additional $19.2 million in Block Inc. stock through three of its ETFs.
- Block Inc.’s stock closed down 0.49% at $73.03 on Monday, its lowest closing price since July 18.
Cathie Wood's Ark Invest has purchased another $19.2 million worth of Block Inc. shares across three of its exchange-traded funds, adjusting its exposure to crypto-related stocks.
Ark Invest's latest trading disclosure shows that three of its ETFs purchased Block Inc. shares on Monday. 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.
The move comes as Block Inc.'s stock fell 0.49% to close at $73.03 on Monday, its lowest closing price since July 18, according to Yahoo Finance data. Despite being down 4% over the past five days, the stock has gained 12% over the past month.
Meanwhile, the Jack Dorsey-led company reported strong earnings in the second quarter. The company posted $2.54 billion in gross profit, up 14% year-over-year, and raised its full-year gross profit forecast to $10.17 billion from its previous estimate of $9.96 billion, according to its earnings report released last week.
Block, which changed its name from Square, is a financial technology company with several crypto-focused business lines. Its quarterly reports indicate the firm keeps bitcoin reserves both for investment purposes and to enable bitcoin transactions for its users. It held 8,692 BTC as of the end of June.
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