Ark Invest Acquires 262,463 Shares of Block Inc. to Boost Portfolio
On August 11, ARK Invest acquired 262,463 shares of Block Inc. (NYSE: XYZ) across three funds, capitalizing on a recent 15% price drop from $85 to $73.07.
Key Points
- ARK Invest's acquisition aligns with Block Inc.'s focus on Bitcoin adoption.
- The investment represents 1.62% of ARK's total holdings in Block Inc., valued at $169 million.
- Block Inc. holds 8,692 BTC, purchased at an average price of $30,405; current Bitcoin price is $118,541.20.
- Block plans to launch a Bitcoin banking suite through subsidiaries like Cash App and Square.
- Cash App reported $10 billion in Bitcoin revenue for 2024, utilizing the Lightning Network.
- Block Inc. joined the S&P 500, replacing Hess Corporation, marking a notable achievement for the crypto industry.