Cathie Wood Goes Big On Crypto Stocks, Buys $40M In Jack Dorsey's Block Inc, Circle Stock

On Monday, Cathie Wood’s Ark Invest added to its crypto-related investments by acquiring almost $40 million in shares of two big cryptocurrency firms: Block Inc. and Circle Internet Group.

Cathie Wood’s ARK Scoops Up Block Inc. & Circle Shares

Cathie Wood-backed ARK Invest’s updated daily trading data revealed the firm had bought 456,059 shares of Block, Jack Dorsey’s startup. At the closing price of $82.02 on Monday, the cost of acquisition came at around $37.4 million. These purchases were divided between the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Blockchain & Fintech Innovation ETF (ARKF).

Block closed the trading day 1.85% lower. Ark has made numerous additions to its Block position this year when markets have been down.

The investment manager purchased 236,759 Block shares worth about $17.2 million in June. Then, it was back to the drawing board with another purchase of 19,029 shares in July valued at approximately $1.52 million.

Cathie Wood-led ARK also gained further foothold in Circle stock with a new purchase. The company bought 35,192 shares of the stablecoin issuer. This is valued at approximately $3.36 million, based on Monday’s closing price of $95.55.