On August 11, Ark Invest acquired 262,463 shares of Block Inc. At a cost of 19.2 million USD. This purchase follows a 15% drop in Block’s stock price from a high of 85 USD, allowing Ark to buy at a discount.
Following the acquisition, Ark Invest now holds Block shares valued at around 169 million USD, representing 1.62% of its total portfolio. This move aligns with Block’s strong Q2 performance, reporting a profit of 1.5 billion USD, up 16% year-over-year.
Jack Dorsey, CEO of Block, focuses on expanding Bitcoin adoption through services like Cash App and Square. In Q2, Block added 108 BTC to its treasury, enhancing its position as a significant supporter of Bitcoin.
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