Ark Invest Buys $15 Million in Block Shares as Stock Slides 3%

Cathie Wood’s Ark Invest added to its Block Inc. holdings, buying the stock’s 3% drop on Monday. The investment firm picked up 191,671 shares of the Jack Dorsey-led fintech company, spread across the Ark Innovation ETF and the Ark Blockchain & Fintech Innovation ETF.

On the same day, Ark purchased 189,796 shares of tokenization firm Securitize, which fell 3.9% to close at $5.39. That purchase totaled about $1.02 million.

Block shares fell 3.2% on Thursday to close at $80.2, putting the value of Ark’s latest purchase at roughly $15.4 million. This follows an earlier move last week, when Ark bought around $21 million worth of Block stock after shares dropped 6% in a single day following the company’s second quarter earnings. Revenue had beaten expectations, but Mizuho analysts flagged rising operating expenses despite a 40% staff reduction back in February.

Block Stock Still Up Sharply Over Six Months

Despite the recent pullback, Block has climbed nearly 50% over the past six months. The company also recently raised its full-year profit forecast to $12.51 billion, representing 21% annual growth.

Ark’s investment approach caps any single holding at 10% of a fund’s portfolio to maintain diversification. Block remains one of Ark’s largest crypto-related stock positions and is currently the second-biggest holding in the Ark Blockchain & Fintech Innovation ETF, making up 6.47% of the fund.

Securitize had already dropped roughly 20% the week before, following a disappointing second-quarter report, its first earnings release since going public. Revenue came in at $14.4 million, down 5% year-over-year and well below the expected $20.6 million. The company also posted a net loss of $21.7 million, or $2.37 per share.