Cathie Wood’s Ark Invest bought 262,463 shares of Jack Dorsey’s company, Block Inc., on August 11. With the stock closing at $73, the acquisition cost $19.2 million.
As per an X post today from Ark Invest Daily, this purchase was made across three of Ark’s funds, including the Ark Fintech Innovation ETF (ARKF), the Ark Next Generation Internet ETF (ARKW), and another ARKF buy. This purchase came after Block (formerly Square Inc.) share price fell by 15% from last week’s high of $85, giving the firm a chance to buy at a discount.
With this new acquisition, Ark Invest now owns Block (XYZ) shares worth around $169 million, accounting for 1.62% of its total portfolio. The acquisition occurred shortly after Block reported good Q2 results, with a $1.5 billion profit, up 16% from last year.
Last month, Block also joined the S&P 500 index. Earlier in August, Cathie Wood also bought Coinbase shares, showing she’s actively increasing exposure to crypto-related companies.
Jack Dorsey’s Bitcoin Expansion Plans
Jack Dorsey, Block’s CEO, is pushing forward with plans to expand Bitcoin adoption through the company’s various businesses. Block is preparing to launch a full Bitcoin banking suite aimed at small businesses, using its subsidiaries Cash App, Square, and Bitkey.
Cash App already supports the Bitcoin Lightning Network and earned $10 billion in Bitcoin revenue in 2024. Square allows U.S. merchants to accept Bitcoin payments, while Bitkey offers self-custody hardware wallets for everyday users.
In the second quarter, Block added 108 BTC to its corporate treasury, bringing total holdings to 8,692 BTC, bought at an average price of $30,405. This further strengthens the company’s position as a major corporate supporter of Bitcoin.
Also Read: Cathie Wood believes Bitcoin will hit $1.5 million by 2027
