ARK Invest Dives $40.8M into Crypto Stocks Amid Market Shift

Cathie Wood's ARK Invest made significant purchases in crypto stocks at the end of August, totaling $40.8 million.

The majority of this investment was in Block, a payments company behind Cash App, with ARK buying 456,059 shares across its Innovation, Next Generation Internet, and Blockchain and Fintech Innovation exchange-traded funds (ETFs).

The price of Block shares closed at $82.02 on August 31, but fell 1.85% during the session.

ARK's exposure to Block is due to its broader payment system, which gives it exposure to Bitcoin and holds Bitcoin on its balance sheets.