Cathie Wood's Ark Invest buys $37.4 million in Block shares

Cathie Wood's Ark Invest bought $37.4 million in Block shares on Monday. Ark bought 456,059 shares of Block, which trades under the ticker XYZ. Ark allocated 191,732 shares to the ARK Innovation ETF. Those shares were worth about $15.7 million. The ARK Next Generation Internet ETF acquired 88,065 shares. Those shares were valued at roughly $7.2 million. The ARK Fintech Innovation ETF added 176,262 shares. Those shares were worth about $14.5 million. Block shares closed down 3.23% at $80.20. Jack Dorsey co-founded Block in 2009. Block operates the Square merchant platform. Block also operates the Bitcoin and financial app Cash App. Block develops Bitcoin mining hardware. The purchase followed Block's second-quarter earnings report. Block posted $3.17 billion in gross profit. Gross profit increased 25% from a year earlier. Block raised its 2026 gross-profit forecast to $12.51 billion. Block's shareholder letter said the forecast would represent 21% annual growth. Block reported $447 million in operating income. Block reported $864 million in adjusted operating income. Block credited artificial intelligence with helping write and review nearly all its production code changes in June. Block's February restructuring cut its workforce by more than 40%. The workforce fell from over 10,000 employees to fewer than 6,000. Ark also bought 35,192 shares of Circle Internet Group through its fintech fund. The Circle stake was worth about $3.36 million. Circle shares closed Monday at $95.55. Circle shares rose 9.65%. Ark also sold shares of Palantir, Shopify, Roblox, AMD, and Tempus AI on the same day. Ark did not say whether the sales financed its Block or Circle purchases.