Cathie Wood’s Ark Invest has increased its exposure to Block Inc., purchasing $19.2 million worth of shares across three of its exchange-traded funds as the fintech firm expands its Bitcoin holdings.
According to Ark’s latest trading disclosure, the ARK Innovation ETF (ARKK) acquired 152,980 shares, the ARK Next Generation Internet ETF (ARKW) bought 69,526 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 39,957 shares on Monday. In total, Ark added 262,463 Block shares.
Block’s stock closed down 0.49% at $73.03 on Monday, marking its lowest finish since July 18. The share price has fallen 4% over the past week but remains up 12% over the past month.
Bitcoin Strategy Gains Momentum
The investment from Ark comes as Jack Dorsey’s Block advances its corporate Bitcoin strategy, a move increasingly mirrored by other major companies in what industry observers call the “Saylorization” trend. SEC filings show that Block purchased an additional 108 BTC in the second quarter, valued at approximately $12.58 million at current prices.
Following the acquisition, Block now holds 8,692 BTC — worth over $1 billion — making it the 13th largest public company by Bitcoin holdings, according to Bitcoin Treasuries data. The company retains Bitcoin both as a long-term investment and to facilitate customer transactions through its Cash App platform.
Bitcoin advocate Max Keiser recently told BeInCrypto that corporations must follow MicroStrategy’s lead in accumulating BTC.
“For corporations to survive, they must mimic the Strategy’s process, they must ‘Saylorize’ or die,” Keiser said, adding that widespread adoption could push Bitcoin to $2.2 million per coin.
Block’s Bitcoin integration spans multiple subsidiaries. Cash App recorded $10 billion in Bitcoin revenue in 2024 and incorporates Lightning Network payments, while Square enables U.S. merchants to accept BTC. Bitkey, another Block unit, offers self-custody hardware wallets aimed at everyday users.
Strong Earnings, Higher Forecast
Ark’s latest purchase coincides with strong second-quarter results from Block. The company reported $6.05 billion in total revenue for the quarter, with gross profit rising 14% year-on-year to $2.54 billion. Bitcoin-related activity through Cash App contributed significantly to these gains.
Net income attributable to common stockholders jumped to $538.46 million, up from $195.27 million in the same quarter last year. The results exceeded Wall Street expectations, prompting Block to raise its full-year gross profit forecast to $10.17 billion from its earlier $9.96 billion guidance.
Bloomberg reported that steady payment processing volumes through Square’s merchant network and growth in Cash App’s lending products were key drivers behind the earnings beat. The combination of expanding fintech services and an aggressive Bitcoin accumulation strategy has reinforced investor confidence.
However, the company recorded a $212.17 million revaluation loss on its Bitcoin holdings due to a decline in the cryptocurrency’s fair market value. Analysts say this reflects the accounting impact of Bitcoin’s volatility, not necessarily a change in Block’s long-term strategy.
On Tuesday, Block’s shares traded mostly in the $73~$75 range, like it did on Friday and Monday, closing at $74.39, 1.86% up from the previous day. Ark Invest’s latest move signals its conviction in both Block’s fintech ecosystem and Bitcoin’s long-term value proposition. Wood has been a consistent advocate for disruptive innovation plays, and Block’s combined growth in digital payments and crypto adoption fits squarely into that strategy.
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