Charles Esther
Cathie Wood’s ARK Invest has restarted its acquisition of shares in Jack Dorsey’s financial services company, Block (XYZ), after a lengthy selling streak.
On Monday, ARK purchased 262,463 Block shares, valued at $19.2 million based on the stock’s closing price of $73, according to a trade notice viewed by Cointelegraph.
Block Shares Show Upward Momentum
The purchase comes as Block has recorded an 8% rise over the past 30 days, according to TradingView data.
The move follows months of consistent selling, including the disposal of 279,047 shares just last week, worth roughly $22 million.
ARK’s Total Stake Now Worth $193 Million
Monday’s transactions were split across three ARK funds:
- ARK Innovation ETF (ARKK) purchased 152,980 shares, raising its total to 1.34 million shares valued at $97.7 million.
- ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) collectively hold about 1.3 million shares.
In total, ARK Invest now owns 2.6 million Block shares, worth approximately $193 million.
First Purchase in Months Hints at Strategy Shift
This acquisition marks ARK’s first Block purchase in months, potentially signaling a change in its investment approach.
In July alone, ARK sold 551,834 shares — now worth $40.3 million — and had not bought any Block shares earlier in 2025 or throughout 2024. The last recorded purchase was in 2023.
Block’s Strong Earnings Boost Outlook
The renewed interest comes shortly after Block posted Q2 profits of $2.54 billion, with gross profit rising 14% year-over-year.
Cash App drove much of this growth, delivering $1.5 billion in gross profit and expanding its Bitcoin accounts to 8 million users.
Share Price Still Below January Levels
Despite strong financials, Block’s stock price dropped nearly 7% following its Q2 report.
While prices have rebounded since May, the stock remains 21% lower than January 2025 highs, according to TradingView.
Bitcoin Banking Tools on the Horizon
Block is reportedly developing a full suite of Bitcoin banking services tailored for small and medium-sized businesses, with rollout expected in late 2025.
