NewsletterCathie Wood Buys 262,463 Block Inc. Shares As Jack Dorsey Pushes for BTC Adoption
Highlights
- Cathie wood's Ark Invest take advantage of a 15% pullback in Block Inc shares from weekly highs.
- Ark’s total Block holdings now represent 1.62% of its portfolio, valued at $169 million.
- Block is preparing to launch a full-stack Bitcoin banking suite through Cash App, Square, and Bitkey to accelerate BTC adoption.
Cathie Wood, popular for her bets on crypto firms, has recently loaded 262,463 shares of Jack Dorsey’s Block Inc (NYSE: XYZ) on August 11, across three of its Ark Invest funds. This development just as Dorsey has been pushing for BTC adoption through the company’s subsidiaries like Cash App, Square, etc. Wood’s latest purchase comes as the XYZ share price corrects 15% from its weekly highs of $85.
Cathie Wood Scoops Block Inc. Shares on Dips
As per the updated data from Ark Invest, Cathie Wood purchased a total of 262,463 shares of Jack Dorsey’s payments firm. This purchase happened across three funds, including the Ark Fintech Innovation ETF (ARKF), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). This latest purchase comes as Block Inc. announced strong Q2 earnings last week, with increased Bitcoin holdings.
As per the official data from Ark Invest, the asset manager has 1.62% of its total investments in Block Inc. (NYSE: XYZ) for a net investment value of $169 million. The XYZ share price surged to $85 last week, after the firm announced $1.5 billion profit during the second quarter, with a 16% upside YoY. On the other hand, the XYZ stock made an entry into the S&P 500 index last month, which could lead to a strong liquidity boost.
Cathie Wood has once again started nibbling into crypto firms, offering strong value buys. This is the latest buying into a crypto firm after Wood purchased COIN stocks earlier in August.
Jack Dorsey to Boost BTC Adoption
Jack Dorsey’s payments firm Block Inc. is set to roll out a full-stack Bitcoin banking suite aimed at boosting Bitcoin treasury adoption among small businesses. The company is leveraging its subsidiaries, such as Cash App, Square, and Bitkey, to drive the BTC integration. Square allows U.S. merchants to accept Bitcoin payments, Cash App incorporates the Lightning Network and reported $10 billion in Bitcoin revenue in 2024, while Bitkey provides self-custody hardware for everyday users.
During the second quarter this year, the company added 108 BTC to its treasury, taking its total holdings to 8,692 BTC, purchased at an average BTC price of $30,405.
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