Cathie Wood’s Ark Invest Buys $21 Million in Block as Shares Drop 6%

Ark Invest added roughly $21 million worth of Block Inc. shares on Thursday as the fintech company’s stock fell more than 6% following its latest earnings report.

Block Purchase Details

Ark’s disclosure shows the firm added 267,676 shares of the bitcoin focused fintech company across three of its ETFs: ARKK, ARKW, and ARKF. Block closed the day down 6.15% at $79. Block currently ranks as the 10th-largest holding within ARKW, valued at $60 million and making up 3.51% of that fund’s weight, staying within Ark’s rule that no single holding exceed 10% of a fund’s portfolio.

SpaceX and Bullish Moves

Ark also bought about $2.3 million in SpaceX shares, which rose 6.14% Thursday after recovering from a steep drop the day before tied to concerns over the company’s sharply higher capital spending. Separately, Ark sold roughly $910,000 worth of shares in crypto exchange Bullish, which fell 3.36% on the day.