Cathie Wood’s Ark Invest Buys $169M Stake in Block as Jack Dorsey Expands Bitcoin Push
Cathie Wood’s Ark Invest acquired 262,463 shares of Jack Dorsey’s Block Inc. on August 11, spread across three of its ETFs — ARKF, ARKW, and ARKF — taking advantage of a 15% pullback from the stock’s recent $85 high. The purchase brings Ark’s total Block holdings to 1.62% of its portfolio, valued at $169 million.
The move follows Block’s strong Q2 earnings, which showed a $1.5 billion profit (up 16% year-over-year) and growing Bitcoin reserves. The company also recently joined the S&P 500, potentially boosting liquidity.
Jack Dorsey is advancing plans to launch a full-stack Bitcoin banking suite through Cash App, Square, and Bitkey to drive BTC adoption. Cash App, which integrates the Lightning Network, generated $10 billion in Bitcoin revenue in 2024, while Square enables U.S. merchants to accept BTC payments, and Bitkey offers self-custody hardware. In Q2, Block added 108 BTC to its treasury, bringing total holdings to 8,692 BTC at an average purchase price of $30,405.
