--- title: "Cathie Wood’s Ark Invest buys $21 million in Block as stock drops 6%" type: "News" locale: "en" url: "https://longbridge.com/en/news/295178319.md" description: "Ark Invest purchased $21 million in Block Inc. shares as the stock dropped 6%, despite the company reporting strong Q2 revenue and earnings growth. Mizuho analysts raised concerns over rising operating expenses. Additionally, Ark bought $2.3 million in SpaceX shares following a price recovery and sold $910,287 in Bullish shares." datetime: "2026-08-07T04:03:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295178319.md) - [en](https://longbridge.com/en/news/295178319.md) - [zh-HK](https://longbridge.com/zh-HK/news/295178319.md) generator: "portal-rs" --- # Cathie Wood’s Ark Invest buys $21 million in Block as stock drops 6% Ark Invest bought additional shares in Block Inc. (XYZ) as the stock dipped 6% on Thursday. The investment firm's latest disclosure shows that it added 267,676 shares of the bitcoin-focused fintech company across Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Blockchain & Fintech Innovation ETF (ARKF). Block's stock fell 6.15% on Thursday to close at $79 — meaning that Ark's latest purchase of the firm's shares is valued at $21 million. 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. According to its fund disclosure, Block is the 10th-largest holding within ARKW, with a total value of $60 million and a 3.51% weight. The Jack Dorsey-led fintech reported solid second-quarter financial results on Wednesday. Its revenue came in at $6.62 billion, up 9% year-over-year, exceeding expectations, while adjusted earnings per share came in at $1.02, up 65% year-over-year. The firm's gross profit also grew 25% to $3.17 billion. However, analysts at Mizuho cast concerns about the company's rising operating expenses, despite cutting 40% of its workforce in February. Mizuho estimates that Block's adjusted operating expenses will rise from $4.48 billion in the first half to $4.56 billion in H2 based on the company's guidance. https://www.theblock.co/stocks/xyz ****SpaceX and Bullish**** Meanwhile, Ark bought 20,318 shares of SpaceX across ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), ARKW, and ARK Space & Defense Innovation ETF (ARKX), worth about $2.3 million. On Thursday, SpaceX shares rose 6.14% to close the day at $114.92, recovering from the 13.6% dip the previous day following the firm's Q2 financial results disclosure. Investors had raised concerns around the company's $18.4 billion in capital expenditure during the second quarter, a sixfold increase from the prior year. Through ARKW, Ark also sold 39,509 shares in Bullish (BLSH), worth $910,287. The crypto exchange fell 3.36% on the New York Stock Exchange on Thursday to close at $23.04. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. 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