Bitcoin News Today: ARK Invest buys $19M Block stake as stock drops to $73

ARK Invest has resumed purchasing shares in Jack Dorsey’s financial services firm Block (XYZ), acquiring 262,463 shares for $19.2 million at a closing price of $73 per share on Monday. This marks the firm’s first Block purchase in months and is seen as a potential shift in its investment approach, as it had previously offloaded a significant portion of its stake. According to recent trade data, the company sold 279,047 shares worth approximately $22 million last week [1].

The purchase was executed through ARK Invest’s three major funds: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). ARKK alone bought 152,980 shares and now holds around 1.34 million Block shares, valued at $97.7 million. With ARKF and ARKW collectively holding another 1.3 million shares, ARK Invest’s total Block stake now stands at 2.6 million shares, valued at $193 million [1].

This move comes amid a 30-day 8% uptrend in Block’s stock, as reported by TradingView. However, the stock is still down 21% from its January 2025 high. Despite reporting a $2.54 billion profit in the second quarter and a 14% year-over-year rise in gross profit, Block’s share price dropped nearly 7% after the earnings release [1].

Block’s growth was driven by its Cash App, which posted $1.5 billion in gross profit for the quarter, and the expansion of Bitcoin-related services, including reaching 8 million BTC accounts. The company has also announced plans to launch a suite of Bitcoin banking tools for small and medium-sized businesses, with integrations expected in late 2025 [1].

ARK Invest’s return to Block follows a period of consistent selling. In July alone, the firm sold 551,834 shares, and there were no purchases recorded in 2025 or 2024, with the last known buys dating back to 2023. The latest acquisition suggests a potential reevaluation of Block’s long-term prospects, particularly with its continued focus on fintech and crypto-related services [1].

Source: [1] ARK Invest buys $19M of Jack Dorsey's Block as stock tumbles to $73 (https://cointelegraph.com/news/cathie-wood-ark-19-million-buy-block-jack-dorsey)