Ark Invest Loads Up on Block and SpaceX Amid Bitcoin Bets

Cathie Wood's Ark Invest has made significant purchases of Block and SpaceX shares, totaling $23.3 million. The firm bought 267,676 shares of Block worth about $21 million on August 6. This investment is part of Ark's long-running bet on Jack Dorsey's payments company, which has exposure to bitcoin through its Cash App platform.

Block offers a way to bet on both consumer fintech adoption and bitcoin's growing role in everyday payments via a single publicly traded stock. Wood has repeatedly put bitcoin forward as a core piece of Ark's long-term investment thesis. The fresh $21 million purchase suggests Ark sees value in Block's shares at current levels.

The same day, Ark Invest added 20,318 SpaceX shares worth roughly $2.3 million to its portfolio. This is not the first time Ark has invested in SpaceX; it was one of the largest IPOs in history, pricing at $135 a share and raising roughly $75 billion at a valuation near $1.8 trillion.