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.
Unlike Block, Circle stock had positive gains at the end of the session. The CRCL share price rose 9.65% from Friday’s loss of 7.5%, which followed a decline of 4.5% in the 12 months leading up to the end of September.
The transaction is the latest in ARK’s quest to grab as much Circle as possible during 2026. It bought 220,012 shares in July for approximately $13.9 million when its stock price fell below $64.
In its last trading period that same month, Cathie Wood’s ARK purchased an additional 109,129 shares worth approximately $6.83 million after receiving the approval of a limited-purpose trust charter issued by the New York Department of Financial Services in the case of Circle.
What’s Happening With Block Inc. & Circle?
A few months ago, Block reported solid second-quarter financials. Gross profit grew by 25 percent compared to the same quarter last year to $3.17 billion. Square’s gross profit was $1.16 billion and Cash App’s was $1.97 billion. Earnings per share, net of dilution, increased to $1.02.
The company also raised its 2026 forecast. Now it’s calling for $12.51 billion in gross profit and $3.47 billion in adjusted operating income annually. Block also increased its holdings of the crypto in June by purchasing 85 more BTC, which raised its total holdings in the treasury to 9,117 BTC.
At the same time, the number of USDCs in circulation was $73.3 billion and the Circle reported its second quarter revenues at $701 million. Meanwhile, ahead of Cathie Wood’s purchase, Bernstein set a $140 price target for the CRCL stock with an ‘Outperform’ rating.
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