Cathie Wood’s Ark Invest bought $21 million in Block shares and $2.3 million in SpaceX stock, doubling down on two companies sitting at the intersection of bitcoin and Elon Musk’s business empire.
Key Takeaways
Ark Invest bought 267,676 Block shares worth about $21 million on August 6.Cathie Wood’s fund also added 20,318 SpaceX shares worth roughly $2.3 million the same day.The purchases extend Ark’s long-running bets on Jack Dorsey’s Block and Musk’s SpaceX.Ark’s exchange-traded funds are required to disclose portfolio trades on a daily basis, giving investors a near-real-time window into where Wood is placing her firm’s capital.
The Block purchase lands across Ark’s flagship funds, which have held the payments company for years as a proxy for both fintech disruption and, more specifically, bitcoin adoption. Similarly, the SpaceX purchase comes roughly two months after the company’s blockbuster Nasdaq debut in June, meaning Ark is very likely buying SPCX shares on long-term conviction.
Why Block Matters to ArkBlock, the company Jack Dorsey renamed from Square in 2021, has been one of Ark’s most closely watched holdings because of its direct exposure to bitcoin. Block has held bitcoin on its corporate balance sheet since 2020, operating a Cash App platform that lets millions of retail users buy and sell BTC seamlessly.
In recent months, it has pushed further into the asset through its Bitkey hardware wallet and its bitcoin mining hardware unit, Proto. In essence, Block offers a way to bet on both consumer fintech adoption and bitcoin’s growing role in everyday payments via a single, publicly traded stock.
