Cathie Wood, known for her bullish stance on crypto firms, has made another strategic investment in Block Inc., acquiring over 260,000 shares of the company.
Purchase of Block Inc. Shares
On August 11, Cathie Wood purchased 262,463 shares of Block Inc. through her Ark Invest funds, distributing them across three ETFs including ARK Fintech Innovation ETF and ARK Next Generation Internet ETF. This acquisition occurred as Block’s stock price has corrected about 15% from recent highs.
Block's Financial Results and Their Impact
The second quarter of 2024 was successful for Block, reporting a profit of $1.5 billion, which is a 16% increase year-over-year. Block's entry into the S&P 500 index also boosted stock liquidity and attracted new investors.
Jack Dorsey's Bitcoin Strategy
Jack Dorsey continues to make aggressive moves to expand Bitcoin adoption through various subsidiaries. Cash App supports Bitcoin purchases and integrates the Lightning Network for faster payments. In Q2, Block added 108 BTC to its corporate treasury, reinforcing its commitment to Bitcoin.
Cathie Wood's purchase of Block Inc. shares may indicate growing institutional confidence in Bitcoin and its integration into everyday commerce.
