Ark Invest Doubles Down on Block and Digital Assets
Cathie Wood's investment firm Ark Invest has added another significant position in Block, led by Jack Dorsey. The purchase of 456,059 shares worth $37.4 million came after Block lifted its 2026 gross-profit outlook to $12.51 billion, a 21% increase from the previous year.
The buying follows a strong operating update from Block, which reported a 25% increase in gross profit to $3.17 billion in the second quarter. Cash App generated $1.97 billion in gross profit, while Square produced $1.16 billion. The company also used artificial intelligence to reshape its cost structure after cutting over 4,000 employees in February.
The investment gives Ark exposure to Block's Bitcoin infrastructure and fintech capabilities, including Cash App's stablecoin functionality. The firm also bought 35,192 shares of Circle Internet Group for $3.36 million, further broadening its digital-asset focus across payments, stablecoins, and Bitcoin.