Ark Invest buys $37.4 million of Jack Dorsey's Block shares

Ark Invest bought roughly $37.4 million worth of shares in Block Inc. on Monday. Block Inc. is led by Jack Dorsey. Ark bought 456,059 Block shares. The purchases covered three ETFs. The purchases included the Ark Innovation ETF. They included the Ark Next Generation Internet ETF. They included the Ark Blockchain & Fintech Innovation ETF. Ark's strategy limits an individual holding to 10% of a fund's portfolio. Block shares fell 1.85% on Monday to close at $82.02. Ark bought a large amount of Block shares last month after its second-quarter results. The results raised Block's full-year profit forecast to $12.5 billion. The forecast would represent 21% growth. Block posted higher-than-expected revenue in the last quarter. Mizuho analysts raised concerns about Block's rising operating expenses. Block cut its staff by 40% in February. Block is shifting toward an AI-focused operation. Ark also bought 35,192 shares of Circle Internet Group. The Circle shares were worth $3.36 million. Circle shares rose 9.65% on Monday to $95.55. Circle shares fell 7.5% last Friday. Bernstein analysts gave Circle an Outperform rating last week. Bernstein set a $140 price target. Bernstein cited growth potential from macro regime shifts. Bernstein also cited real-world blockchain capital markets, stablecoin payment adoption, and emerging use of stablecoins for agentic payments. Circle shares have risen 52.6% over the past month.