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Ark Invest buys $37.4 million of Block shares across three ETFs
The purchases totaled 456,059 Block Inc. shares across ARKK, ARKW, and ARKF, while Block stock closed Monday down 1.9% at $82.02.
Ark Invest bought about $37.4 million of Block Inc. shares across three of its ETFs, according to The Block. The fund acquired 456,059 shares on Monday spread across the Ark Innovation ETF (ARKK), the Ark Next Generation Internet ETF (ARKW), and the Ark Blockchain & Fintech Innovation ETF (ARKF).
The Block said Block shares fell 1.85% on Monday to close at $82.02. Ark’s disclosure also noted a portfolio rule that limits any individual holding to no more than 10% of a fund’s portfolio to maintain diversification.
The Block also tied Ark’s recent buying to its prior activity, saying Ark had scooped up a bulk of Block shares after its second-quarter results, when it raised its full-year profit forecast to $12.5 billion. The article adds that Ark also purchased 35,192 shares of Circle Internet Group (CRCL) worth $3.36 million, as Circle stock surged 9.65% to $95.55.