Ark Invest Boosts Crypto Bet with $30M Block Inc. Purchase

Ark Invest, led by Cathie Wood, recently bought over $30 million worth of Block Inc. shares across its top exchange-traded funds (ETFs). This move shows the firm’s growing confidence in crypto-linked companies. It believes these firms will drive the next phase of financial technology and global payments.

Ark Spreads Its Investment Across Three ETFs

According to Ark Invest’s daily trading disclosure, the firm revealed that three of its funds boosted their holdings in Block Inc. The ARK Innovation ETF (ARKK) acquired 210,916 shares of Block. At the same time, the ARK Next Generation Internet ETF (ARKW) added 59,827 shares. 

Additionally, the ARK Fintech Innovation ETF (ARKF) bought 114,842 shares. Altogether, the new investment totals about $30.9 million. The move shows Cathie Wood’s steady plan to invest in companies that combine blockchain technology and finance. 

Her firm is especially interested in those working with blockchain and cryptocurrency.

Ark Invest Also Adds to Its DraftKings Holdings

In addition to Block, Ark Invest also purchased 268,833 shares of DraftKings, splitting them between two of its ETFs. DraftKings, a leading U.S. digital sports entertainment and online gambling company, has been expanding its footprint in innovative market spaces.

The company recently acquired Railbird Technologies, a regulated contract market overseen by the Commodity Futures Trading Commission (CFTC). 

This move supported DraftKings’ plan to launch a prediction market, a growing segment in the fintech and gaming industries. Meanwhile, Polymarket announced last week that it will serve as the designated clearing house for DraftKings’ upcoming prediction platform. 

This came after the company paid $10 million to settle a class-action lawsuit in March. Despite this progress, DraftKings’ stock slipped 0.12% on Monday to close at $32.96, according to Google Finance data.

Block Inc. Expands Its Crypto Ecosystem

Block Inc., co-founded by former Twitter CEO Jack Dorsey, is a financial technology company that operates several major platforms. This includes Square, Cash App, Bitkey, and the Bitcoin mining system Proto. Together, these products aim to bridge traditional finance and the digital asset economy.

Recently, Square introduced a new feature allowing merchants to accept, hold, and convert Bitcoin directly through their payment systems. In May, the company revealed that full availability for all eligible Square sellers is expected by 2026, pending regulatory approvals.

The company also launched a Bitcoin wallet for business users, making it easier for small firms to handle crypto payments in everyday commercial transactions. Following the announcement, Block’s stock rose 0.77% to close at $80.15. 

The stock has gained 37.43% over the past six months, though it remains down 7.61% year-to-date. Nevertheless, this reflects broader market volatility in tech and crypto-related equities.

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