Ark Invest Buys Another $37.4 Million of Block, Adds $3.36 Million in Circle Shares

Cathie Wood's Ark Invest bought more shares of fintech company Block Inc. and stablecoin issuer Circle Internet Group.

Crypto media outlet The Block reported on Sept. 1 that Ark bought 456,059 Block shares that day for about $37.4 million. The purchases were spread across three funds: the ARK Innovation ETF, the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF.

Block shares closed down 1.85% at $82.02 on Sept. 1. Ark also bought a large amount of Block stock last month shortly after the company reported second-quarter results. At that time, Block raised its annual net profit forecast to $12.5 billion and projected 21% growth.

Ark also bought an additional 35,192 Circle shares the same day for $3.36 million. Circle shares jumped 9.65% to $95.55.

Bernstein analysts last week gave Circle an outperform rating and set a $140 price target, citing broader stablecoin adoption in payments and growth potential in the blockchain market for real-world assets. Circle shares have risen 52.6% over the past month.