Cathie Wood's ARK Investment has resumed buying shares of Jack Dorsey's financial services company Block after a long period of selling.
On Monday, ARK purchased 262,463 shares of Block (XYZ) stock at a price of $73 per share, with a total value of about $19 million.
This acquisition occurred as Block's stock rebounded, rising 8% in the past 30 days.
ARK recently sold 279,047 shares of XYZ, worth about $22 million.
ARK holds $193 million in Block.
This purchase includes three of ARK's funds, namely ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Financial Innovation ETF.
ARK Innovation ETF (ARKK) sold 152,980 shares of Block stock on Monday, still holding about 1.34 million shares of XYZ, worth $97.7 million.
Overall, ARK currently holds 2.6 million shares of Block, worth about $193 million.
End of the sell-off?
ARK's recent purchase of Block is the first in months, possibly signaling a change in its investment strategy.
In July alone, ARK sold 551,834 shares of Block stock.
There are no records of Block stock purchases in 2025 and early 2024, with the last purchase dating back to 2023.
Block's stock price has fallen 21% from its January peak.
Despite Block reporting a second-quarter profit of $2.54 billion, a year-on-year increase of 14%, its stock price still fell nearly 7% after the report.
Block's mobile payment service Cash App contributed significantly to growth, with gross profit this quarter reaching $1.5 billion and the number of Bitcoin accounts increasing to 8 million.
Relevant: ARK Investment adds 20 million Bitcoins, reduces holdings in Coinbase, Block, and Robinhood.
Despite a rebound since May, Block's stock price is still down 21% from January levels.
After achieving strong quarterly results, Block reportedly plans to launch a new Bitcoin banking tool and infrastructure.
Cointelegraph had contacted Block for comment, but had not received a response by the time of publication.
Magazine: Buterin's ETH treasury warns, Bitcoin at $250,000 'perhaps': Hodler's Digest, August 3-9.