Ark Invest Doubles Down on Bitcoin-Friendly Stocks

Cathie Wood's Ark Invest has continued to bet on companies that connect bitcoin and Elon Musk's business empire, buying $21 million in Block shares and $2.3 million in SpaceX stock.

The purchases were made on August 6, with Ark Invest acquiring 267,676 Block shares and 20,318 SpaceX shares.

This move is not surprising, given the fund's long-standing interest in both companies. Block, formerly Square, has been a key holding for Ark due to its direct exposure to bitcoin through its Cash App platform and other initiatives.

The $21 million purchase of Block shares suggests that Ark sees value in the company at current levels, despite recent fluctuations in the stock's price.