Ark Invest Adds Millions to Block and Circle Amid Crypto Growth

Cathie Wood's Ark Invest has continued its accumulation of crypto-linked equities by purchasing nearly $40.8 million in shares of Block and Circle Internet Group.

The trades were disclosed through the firm's daily reporting, which shows a clear emphasis on digital payments and stablecoin infrastructure. The investment firm bought 456,059 shares of Block at approximately $82.02 per share, worth about $37.4 million based on the day's closing price.

Block has maintained a significant Bitcoin treasury, holding 9,177 BTC valued at roughly $714 million as of August. The company's second-quarter results showed earnings of $1.02 per share on revenue of $6.62 billion, beating Wall Street estimates and driving a 25% year-over-year increase in gross profit.

Circle Internet Group, the issuer of the USDC stablecoin, saw Ark add 35,192 shares for about $3.36 million based on the day's closing price. Bernstein analysts recently reiterated an Outperform rating and set a $140 price target for Circle, citing expanding USDC adoption across various sectors.