Cathie Wood's Ark Invest buys $21 million in Block as stock drops 6%
Quick TakeArk Invest bought $21 million worth of Block Inc. and $2.3 million worth of SpaceX shares on Thursday.Blocks stock fell 6.15% on Thursday as the company posted rising operating expenses in Q2, despite cutting 40% of its workforce in February. Ark Invest bought additional shares in Block Inc. (XYZ) as the stock dipped 6% on Thursday. The investment firms latest disclosure shows that it added 267,676 shares of the bitcoin-focused fintech company across Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Blockchain s stock fell 6.15% on Thursday to close at $79 — meaning that Arks latest purchase of the firms shares is valued at $21 million. The companys investment strategy does not allow an individual holding to exceed 10% of a funds portfolio to maintain diversification within its ETFs. According to its fund disclosure, Block is the 10th-largest holding within ARKW, with a total value of $60 million and a 3.51% weight. The Jack Dorsey-led fintech reported solid second-quarter financial results on Wednesday. Its revenue came in at $6.62 billion, up 9% year-over-year, exceeding expectations, while adjusted earnings per share came in at $1.02, up 65% year-over-year. The firms gross profit also grew 25% to $3.17 billion. However, analysts