Cathie Wood, well-known for her investment focus on cryptocurrency companies, recently purchased 262,463 shares of Block Inc (NYSE: XYZ), the company led by Jack Dorsey. The acquisition, made on August 11, was spread across three different Ark Invest exchange-traded funds. This investment coincides with Dorsey’s ongoing efforts to promote Bitcoin adoption through Block subsidiaries like Cash App and Square. Wood’s decision to increase her stake comes after XYZ stock experienced a slight pullback of 15% from its recent peak of $85.
Cathie Wood Increases Investment in Block Inc. Following Price Dip
According to updated figures released by Ark Invest, Cathie Wood’s firm added a total of 262,463 shares of Jack Dorsey’s payment processing enterprise to its portfolio. These shares were allocated among three distinct investment vehicles: the Ark Fintech Innovation ETF (ARKF), the ARK Next Generation Internet ETF (ARKW), and once again, the ARK Fintech Innovation ETF (ARKF). The purchase follows Block Inc.’s announcement last week of robust second-quarter financial results, which included an increase in its Bitcoin holdings.
According to publicly available information from Ark Invest, Block Inc. (NYSE: XYZ) now represents 1.62% of the firm’s total investment portfolio, with a total value of $169 million. XYZ stock previously climbed to $85 last week following the company’s report of $1.5 billion in profits for the second quarter, marking a 16% year-over-year increase. Furthermore, XYZ shares were added to the S&P 500 index the previous month, a move anticipated to improve the stock’s trading liquidity.
Cathie Wood appears to be renewing her focus on companies involved in the cryptocurrency space, identifying potentially undervalued investment opportunities. This latest purchase comes after Wood previously acquired shares of COIN earlier in August.
Jack Dorsey Spearheads Bitcoin Integration Efforts
Block Inc., under the leadership of Jack Dorsey, is actively developing a comprehensive suite of Bitcoin-focused financial services designed to encourage small businesses to incorporate Bitcoin into their treasury strategies. The company is leveraging its key business units, including Cash App, Square, and Bitkey, to facilitate this Bitcoin integration. Square enables merchants across the United States to process transactions using Bitcoin, Cash App has integrated the Lightning Network and generated $10 billion in Bitcoin-related revenue during 2024, and Bitkey offers a self-custody hardware solution for everyday Bitcoin users.
During the second quarter of this year, Block added 108 BTC to its corporate treasury, bringing its total holdings to 8,692 BTC, with an average purchase price of $30,405 per Bitcoin.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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