- Cathie Wood’s Ark Invest has purchased 262,463 shares of Jack Dorsey’s Block Inc. across three ETFs, capitalizing on a 15% price dip following strong Q2 earnings and the company’s addition to the S&P 500 index.
- The move aligns with Dorsey’s aggressive Bitcoin adoption push through subsidiaries like Cash App, Square, and Bitkey, as Block expands its BTC treasury and launches new Bitcoin banking solutions.
Cathie Wood, the high-profile investor known for her bullish stance on cryptocurrency firms, has made another strategic move into the crypto sector. On August 11, Ark Invest purchased 262,463 shares of Jack Dorsey’s Block Inc. across three of its ETFs including ARK Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
This comes just as Dorsey ramps up efforts to accelerate Bitcoin adoption.
Buying the Dip on Block Inc.
The timing of Wood’s latest acquisition appears deliberate, as Block’s stock price has corrected about 15% from last week’s highs of $85. According to Ark Invest data, the asset manager now holds roughly 1.62% of its total portfolio in Block Inc., translating to a net investment value of $169 million.
The purchase comes on the heels of a robust Q2 earnings report from Block. The company posted $1.5 billion in profit during the second quarter, representing a 16% year-over-year gain.
The stock’s performance also got a boost last month when Block entered the S&P 500 index, a move expected to increase liquidity and investor exposure.
Cathie Wood has been selectively increasing her exposure to crypto-related firms in recent weeks. Earlier this month, she added shares of Coinbase (COIN) to Ark’s holdings, reinforcing her conviction that blockchain-driven companies are positioned for long-term growth.
Jack Dorsey’s Bold Bitcoin Push
While Wood’s buy reflects confidence in Block’s financials, it also aligns with founder Jack Dorsey’s aggressive Bitcoin strategy. Block Inc. is in the process of launching a full-stack Bitcoin banking suite designed to encourage Bitcoin treasury adoption among small businesses.
Through its subsidiaries, Dorsey’s company is integrating Bitcoin into both consumer and merchant ecosystems:
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Cash App – Supports Bitcoin purchases, integrates the Lightning Network for faster payments, and generated $10 billion in Bitcoin revenue in 2024.
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Square – Enables U.S. merchants to accept Bitcoin payments seamlessly.
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Bitkey – Offers self-custody hardware wallets, giving everyday users secure access to their BTC holdings.
In Q2, Block added 108 BTC to its corporate treasury, underscoring its commitment to holding Bitcoin as a strategic asset.
Cathie Wood’s latest move suggests she’s betting not only on Block’s financial resilience but also on the growth of its Bitcoin-driven business model. With Jack Dorsey leading a multi-pronged push for BTC adoption and the company solidifying its place in major stock indices, Ark Invest’s buy-in may signal growing institutional confidence in the role Bitcoin could play in mainstream finance.
If Dorsey’s expansion plans deliver and crypto markets maintain momentum, Wood’s purchase of Block shares on a price pullback could prove to be a timely play, both for Ark Invest and the broader case for Bitcoin’s integration into everyday commerce.
