Cathie Wood's Ark Invest scooped up roughly $37.4 million worth of Block Inc. (XYZ) as its shares dipped on Monday.
According to the latest trading disclosure, Ark bought 456,059 shares of the Jack Dorsey-led fintech firm across the Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and the Ark Blockchain & Fintech Innovation ETF (ARKF).
The company's investment strategy does not allow an individual holding to exceed 10% of a fund's portfolio to maintain diversification within its ETFs.
Block shares dipped 1.85% on Monday to close at $82.02. Last month, Ark had purchased a bulk of Block shares after its second-quarter results that raised its full-year profit forecast to $12.5 billion, which would mark a 21% growth.
While the company posted higher-than-expected revenue in the last quarter, analysts at Mizuho raised concerns about its rising operating expenses despite a 40% staff cut in February, amid its shift to an AI-focused operation.
