Ark Invest Boosts Block Inc Stake Across Multiple ETFs

Cathie Wood's ARK Invest has significantly increased its stake in Block Inc., purchasing approximately 385,000 shares worth around $30.9 million across three of its ETFs: ARK Innovation ETF, ARK Fintech Innovation ETF, and ARK Next Generation Internet ETF. This move underscores ARK's confidence in Block's position at the intersection of fintech and cryptocurrency, with Block operating key products such as Square, Cash App, Bitkey Bitcoin hardware wallet, and Proto Bitcoin mining system. Block's recent innovations include enabling merchants to accept and convert Bitcoin directly through Square’s point-of-sale devices, further integrating crypto into everyday commerce. Despite recent insider selling and some stock volatility, Block has shown strong financial metrics, including a 39.39% gross margin and a 12.41% net margin, with a market cap near $48.86 billion. The stock has gained over 37% in the past six months, reflecting renewed investor optimism. This investment is part of ARK’s broader strategy to deepen exposure in disruptive technologies, including crypto and blockchain sectors, alongside other holdings like Tesla, Coinbase, and DraftKings.