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Cathie Wood’s Ark Buys $15 Million Worth of Block Shares

Cathie Wood through ARK Innovation ETF acquired shares worth $15 million Block Inc.

Cathie Wood-run Ark Invest, through its flagship ARK Innovation ETF, acquired shares worth $15 million of Jack Dorsey’s payment business Block Inc, a day after it purchased over $21 million in Coinbase (COIN) shares. 

After the recent SEC litigations against Coinbase and Binance, Wood has reaffirmed her estimate that Bitcoin will reach $1 million by 2030. On June 6, Ark Invest bought 419,324 Coinbase shares for $21 million as it had dropped to below $50. Wood thinks that Coinbase will gain from Binance’s regulatory problems.

According to daily transactions disclosure by Block, ARK Innovation ETF bought 227,365 of its shares valued at $15.06 million. Of this, 177,985 shares will be added to ARK Innovation ETF, 29,442 shares to ARK Next Generation Internet ETF and 19,938 shares to ARK Fintech Innovation ETF.

Block is a corporation that provides financial services and digital payments. Its payment platform is aimed at small and medium-sized enterprises. In addition, the company offers Bitcoin trading through its Cash App and keeps the cryptocurrency on its balance sheet as an alternative to cash.

After a sale in January, Ark and Cathie have been consistently buying Block despite the report from Hindenburg Research. The stock ended Thursday at $65.09, down $1.15 or 1.74%. 

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