ARK Invest buys $19M of Jack Dorsey’s Block as stock tumbles to $73

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Cathie Wood’s concern institution ARK Invest has returned to purchasing the shares of Jack Dorsey’s fiscal services steadfast Block aft a prolonged sell-off.

ARK snapped up 262,463 shares of Dorsey’s Block (XYZ) connected Monday, according to a commercialized notification seen by Cointelegraph. With the banal closing astatine $73, the acquisition is worthy $19.2 million.

The acquisition comes amid Block seeing a notable uptrend, surging 8% successful the past 30 days, according to TradingView.

ARK’s acquisition of Block follows a agelong play of selling the shares, with the steadfast dumping different 279,047 XYZ past week for astir $22 million.

ARK holds $193 cardinal successful Block

ARK’s Block stock acquisition included transactions from the 3 holding funds, including the ARK Innovation ETF (ARKK), ARK Next Generation net ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).

ARKK, the largest ARK money with assets nether absorption (AUM), sold 152,980 Block shares connected Monday and present holds astir 1.34 cardinal XYZ shares, worthy $97.7 million.

With ARKK and ARKF collectively holding different 1.3 cardinal XYZ arsenic of Tuesday, ARK Invest present holds a full of 2.6 cardinal Block shares, worthy $193 million.

End of selling streak?

ARK Invest’s latest Block acquisition is its archetypal successful months, signaling a imaginable displacement successful the company’s concern strategy.

In July alone, ARK dumped a full of 551,834 Block shares, which are present worthy $40.3 million, according to ARK’s trading information tracked by Cointelegraph.

With nary Block stock purchases seen earlier successful 2025 oregon successful 2024, the company’s last known acquisitions day back to 2023.

Block shares are down 21% from January highs

ARK’s latest concern successful Block came soon aft Block past week reported a $2.54 cardinal nett successful the 2nd quarter, with year-over-year gross nett surging 14%.

Block’s mobile outgo service, Cash App, was a large maturation driver, posting $1.5 cardinal successful gross nett for the quarter, portion the fig of Bitcoin (BTC) accounts reached 8 million.

Despite Block’s beardown fiscal results, its terms declined astir 7% pursuing the merchandise of its Q2 report. Although seeing a notable rebound since May, Block shares are down 21% from the terms levels seen successful January, according to TradingView.

Following different beardown quarter, Block reportedly plans to motorboat a broad suite of Bitcoin banking tools designed for tiny and medium-sized enterprises, with the archetypal integrations planned for precocious 2025.

Cointelegraph approached Block to remark connected the quality but did not person a effect by publication.

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