Cathie Wood's Ark Invest scoops up $15 million in Block Inc shares as stock dips 3%

Ark Invest purchased additional shares in Block Inc. (XYZ), buying the 3% dip the stock showed on Monday.

The investment firm's latest disclosure shows that it added 191,671 shares of the Jack Dorsey-led fintech company across the Ark Innovation ETF (ARKK) and the Ark Blockchain & Fintech Innovation ETF (ARKF).

Block's stock fell 3.2% on Thursday to close at $80.2, bringing Ark's Monday acquisition value to roughly $15.4 million.

Last week, Ark had purchased around $21 million worth of Block shares after the fintech stock dropped 6% in a single day following its second-quarter results. While its revenue beat expectations, Mizuho analysts had raised concerns about its rising operating expenses despite a 40% staff cut in February.

Still, Block is up nearly 50% in the past six months, and recently raised its full-year profit forecast to $12.51 billion, which would mark a 21% annual growth.

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 is one of Ark's main crypto stock investments and is the second-largest holding in ARKF with a weight of 6.47%.

Securitize

Also on Monday, Ark purchased 189,796 shares of Securitize (SECZ). The tokenization firm fell 3.9% to close at $5.39, meaning that Ark bought a total of $1.02 million worth of its shares.

Securitize experienced a sharp drop of around 20% last week following disappointing Q2 results, its first earnings report since going public. Its revenue came in at $14.4 million, down 5% year-over-year and below the anticipated $20.6 million. It also saw a net loss of $21.7 million, or $2.37 per share.