Ark Invest Buys into Block and Circle Amid Strong Q2 Results
Cathie Wood's investment firm Ark Invest has made significant changes to its portfolio, buying into Block and Circle Internet Group while selling off Palantir and AMD holdings.
The company acquired 456,059 shares of Block valued at approximately $37.4 million across three ETFs, ARKF, ARKK, and ARKW. This purchase follows Block's strong second-quarter financial results, with earnings exceeding Wall Street projections on both revenue and profit guidance.
In addition to the Block investment, Ark Invest also acquired 35,192 shares of Circle Internet Group valued at around $3.36 million. Circle's equity has surged 52.6% over the past 30 days, driven in part by expanding adoption of stablecoin payment networks and blockchain-based capital markets infrastructure.
On the other hand, Ark Invest divested its Palantir holdings, selling approximately $26 million worth of shares across ARKF, ARKK, and ARKW funds. The company also reduced its AMD exposure by selling 8,623 shares valued at around $4.1 million based on AMD's closing price.