Ark Invest Loads Up on Block and Circle Amid Bitcoin Bull Run
Cathie Wood's Ark Invest made significant trades on Monday, selling off shares in Palantir Technologies and Advanced Micro Devices while buying heavily into Block and Circle Internet Group.
The investment firm picked up 456,059 shares of Block across its ARKF, ARKK, and ARKW funds, valuing the total trade at around $37.4 million with Block closing at $82.02.
This move comes after Block's second-quarter earnings report from early August, where the company posted earnings of $1.02 per share and revenue of $6.62 billion, both beating expectations. Block raised its full-year profit forecast to $12.5 billion, representing 21% growth, but analysts at Mizuho flagged concerns about rising operating expenses.
Block's deep ties to the crypto space are also notable, as the company holds 9,177 Bitcoin worth roughly $714 million. Meanwhile, Circle Internet Group saw a significant increase in its stock price after Ark bought 35,192 shares for around $3.36 million.