Ark Invest, led by Cathie Wood, has just purchased an additional $19.2 million worth of Block Inc. shares through three ETFs, increasing its exposure to crypto-related stocks.
According to the disclosure of the latest transaction, ARK Innovation ETF (ARKK) bought 152,980 shares, ARK Next Generation Internet ETF (ARKW) bought 69,526 shares, and ARK Fintech Innovation ETF (ARKF) bought 39,957 shares on Monday.
This move by Ark Invest comes as Block's stock price dropped 0.49% to $73.03, its lowest closing price since July 18. Although it has declined 4% over the past five days, the stock is still up 12% in the past month.
Block, led by Jack Dorsey, recently reported Q2 earnings with a gross profit of $2.54 billion (a 14% increase year-over-year) and raised its full-year forecast to $10.17 billion. The company holds 8,692 BTC, which it uses both for investment and to facilitate bitcoin transactions for users.
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The article Ark Invest Spends $19 Million to Buy Block Inc. Shares first appeared on CoinMoi.
