Ark Invest Snaps Up $21M Worth of Block Shares in Latest 'Buy-the-Dip' Move

Cathie Wood's Ark Invest has made another significant purchase of Block (formerly Square) shares, buying nearly $21 million worth after the company's Q2 earnings report. The investment firm views this as a 'buy-the-dip' opportunity, purchasing shares when they fell by more than 6% following the release.

The Block shares dropped despite the company reporting better-than-expected earnings and solid growth across key financial metrics. Gross profit from its Bitcoin business did decline year-over-year, however, due to lower transaction fees for Cash App users.

This latest purchase comes after Ark Invest also recently loaded up on shares of Circle and SpaceX. The investment firm has been active in expanding its portfolio, adding positions in crypto and technology companies with strong long-term growth potential while trimming its holdings in those where it sees fewer opportunities.