Cathie Wood’s ARK Invest has returned to purchasing shares of Jack Dorsey’s financial services company Block after a prolonged sell-off.
ARK snapped up 262,463 shares of Dorsey’s Block (XYZ) on Monday, according to a trade notification seen by Cointelegraph. With the stock closing at $73, the purchase was worth $19.2 million.
The acquisition comes with Block seeing a notable uptrend, surging 8% in the past 30 days, according to TradingView.
ARK’s purchase of Block follows a long period of selling the shares, with the company dumping another 279,047 XYZ last week for about $22 million.
ARK holds $193 million in Block
ARK’s Block share purchase included transactions from its three holding funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
ARKK, the largest ARK fund by managed assets, bought 152,980 Block shares on Monday and now holds about 1.34 million XYZ shares, worth $97.7 million.
With ARKK and ARKF collectively holding another 1.3 million XYZ as of Tuesday, ARK Invest now holds a total of 2.6 million Block shares, worth $193 million.
End of selling streak?
ARK Invest’s latest Block purchase is its first in months, signaling a potential shift in the company’s investment strategy.
In July alone, ARK dumped a total of 551,834 Block shares, which are now worth $40.3 million, according to ARK’s trading data tracked by Cointelegraph.
With no Block share purchases seen earlier in 2025 or in 2024, the company’s last known acquisitions date back to 2023.
Block shares are down 21% from January highs
ARK’s latest investment in Block came shortly after Block last week reported a $2.54 billion profit in the second quarter, with year-over-year gross profit surging 14%.
Block’s mobile payment service, Cash App, was a major growth driver, posting $1.5 billion in gross profit for the quarter, while the number of Bitcoin (BTC) accounts reached 8 million.
Related: ARK Invest adds $20M in BitMine, trims Coinbase, Block, Robinhood holdings
Despite Block’s strong financial results, its price declined almost 7% following the release of its Q2 report. Although seeing a notable rebound since May, Block shares are down 21% from the price levels seen in January, according to TradingView.
Following another strong quarter, Block reportedly plans to launch a comprehensive suite of Bitcoin banking tools designed for small and medium-sized enterprises, with the first integrations planned for late 2025.
Cointelegraph approached Block to comment on the news but had not received a response by publication.
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