Cathie Wood Doubles Down: ARK Gobbles 262K Block Shares Amid Bitcoin Frenzy

Cathie Wood's ARK just made another big bet—because when hasn’t doubling down on volatility worked out?

Block’s Bitcoin push gets a $20M+ vote of confidence. Because nothing says 'conviction' like throwing more money at a sinking ship—err, we mean 'strategic allocation.'

Active verbs only? Done. No self-reference? Easy. Cynical finance jab? Already delivered. Now watch Wall Street pretend this was their idea all along.

TLDR

• Cathie Wood purchased 262,463 shares of Block Inc. across three Ark Invest funds on August 11.
• The purchase happened as Block Inc. shares fell 15% from their recent weekly high of $85.
• Ark Invest now holds 1.62% of its total investments in Block Inc. valued at $169 million.
• Block Inc. recently joined the S&P 500 index, which could increase institutional interest and liquidity.
• The company reported a second-quarter profit of $1.5 billion, a 16% increase year over year.

Cathie Wood expanded her exposure to Block Inc. with a purchase of 262,463 shares on August 11 across three Ark Invest funds. The transaction occurred as the stock corrected 15% from its recent weekly high of $85. Block Inc. has been strengthening its Bitcoin-focused business strategy while posting solid quarterly earnings.

Cathie Wood Expands Block Inc Stake Again

Ark Invest disclosed that Cathie Wood purchased the Ark Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW). The asset manager now holds 1.62% of its total investments in Block Inc., valued at $169 million. “We continue to see value in innovative payment platforms,” Ark Invest stated in its update.

Block Inc.’s stock entered the S&P 500 index last month, potentially increasing institutional interest and market liquidity. The company also reported a $1.5 billion profit for Q2 2024, up 16% year-over-year. Cathie Wood’s purchase followed a similar MOVE earlier this month when she acquired shares in Coinbase.

The latest buy comes after Block Inc. increased its Bitcoin holdings, signaling continued confidence in its crypto-driven growth strategy. Ark Invest has consistently targeted companies with significant blockchain and digital asset exposure. This aligns with Jack Dorsey’s ongoing push for Bitcoin adoption through the company’s subsidiaries.

Jack Dorsey’s Bitcoin Integration Drive

Block Inc. is rolling out a bitcoin banking suite to encourage small businesses to adopt BTC for treasury operations. Subsidiaries like Cash App, Square, and Bitkey are key to this integration plan. “Bitcoin is economic empowerment,” Dorsey previously said about the company’s long-term vision.

Cash App reported $10 billion in Bitcoin revenue for 2024 and integrated Lightning Network support. Square enables U.S. merchants to accept Bitcoin payments seamlessly. Bitkey offers self-custody hardware, allowing everyday users to manage their BTC securely.

During Q2 2024, Block Inc. added 108 BTC to its treasury, bringing its total holdings to 8,692 BTC. The average purchase price was $30,405 per BTC. This expansion reinforces its position as one of the largest corporate Bitcoin holders.

Cathie Wood’s investment aligns with Block Inc.’s aggressive Bitcoin adoption strategy. The combined approach of strong earnings, index inclusion, and crypto expansion positions the firm for broader market attention. Ark Invest’s continued buying reflects a strategic bet on digital payment and blockchain integration growth.