ARK Invest Drops $40M+ on Block and Circle Crypto Stocks

Cathie Wood's ARK Invest made significant purchases in crypto stocks at the end of August, spending around $40.8 million on shares of Block and Circle.

The majority of this investment went towards Block, with ARK buying 456,059 shares across three of its funds: 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, making the value of these purchases around $37.4 million.

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