Ark Invest buys $19 million worth of Block Inc. shares as stock hits three-week low
Quick Take Ark Invest, led by Cathie Wood, acquired an additional $19.2 million in Block Inc. stock through three of its ETFs. Block Inc.’s stock closed down 0.49% at $73.03 on Monday, its lowest closing price since July 18.
Cathie Wood's Ark Invest has purchased another $19.2 million worth of Block Inc. shares across three of its exchange-traded funds, adjusting its exposure to crypto-related stocks.
Ark Invest's latest trading disclosure shows that three of its ETFs purchased Block Inc. shares on Monday. The ARK Innovation ETF (ARKK) acquired 152,980 shares, the ARK Next Generation Internet ETF (ARKW) bought 69,526 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 39,957 shares.
The move comes as Block Inc.'s stock fell 0.49% to close at $73.03 on Monday, its lowest closing price since July 18, according to Yahoo Finance data . Despite being down 4% over the past five days, the stock has gained 12% over the past month.
Meanwhile, the Jack Dorsey-led company reported strong earnings in the second quarter. The company posted $2.54 billion in gross profit, up 14% year-over-year, and raised its full-year gross profit forecast to $10.17 billion from its previous estimate of $9.96 billion, according to its earnings report released last week.
Block, which changed its name from Square, is a financial technology company with several crypto-focused business lines. Its quarterly reports indicate the firm keeps bitcoin reserves both for investment purposes and to enable bitcoin transactions for its users. It held 8,692 BTC as of the end of June.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The 12 trillion financing market is in crisis! Institutions urge the Federal Reserve to step up rescue efforts
Wall Street financing costs are rising, highlighting signs of liquidity tightening. Although the Federal Reserve will stop quantitative tightening in December, institutions believe this is not enough and are calling on the Fed to resume bond purchases or increase short-term lending to ease the pressure.
Another Trump 2.0 era tragedy! The largest yen long position in nearly 40 years collapses
As the yen exchange rate hits a nine-month low, investors are pulling back from long positions. With a 300 basis point interest rate differential between the US and Japan, carry trades are dominating the market, putting the yen at further risk of depreciation.
Is a "cliff" in Russian oil production coming? IEA warns: US sanctions on Russia may have "far-reaching consequences"!
U.S. sanctions have dealt a heavy blow to Russia’s oil giants, and the IEA says this could have the most profound impact on the global oil market so far. Although Russian oil exports have not yet seen a significant decline, supply chain risks are spreading across borders.
Leading DEXs on Base and OP will merge and expand deployment to Arc and Ethereum
Uniswap's new proposal reduces LP earnings, while Aero integrates LPs into the entire protocol's cash flow.
Trending news
MoreCrypto prices
More
