Ark Invest Buys $37 Million in Block Stock and Circle Shares

TLDR

• Ark Invest bought 456,059 shares of Block Inc, worth about $37.4 million, on Monday.
• Block stock fell 1.85% on Monday to close at $82.02.
• Ark also bought 35,192 shares of Circle Internet Group, worth $3.36 million.
• Circle stock surged 9.65% on Monday to close at $95.55, recovering from a drop last Friday.
• Bernstein analysts set a $140 price target for Circle, pointing to growth in stablecoin adoption.

Cathie Wood’s Ark Invest bought shares in two companies on Monday. The firm added to its position in Block Inc and Circle Internet Group.

Ark purchased 456,059 shares of Block. The trade was worth about $37.4 million.

The shares were split across three funds. These included the Ark Innovation ETF, the Ark Next Generation Internet ETF, and the Ark Blockchain and Fintech Innovation ETF.

Ark follows a rule that limits how much of a single stock it can hold. No individual holding can make up more than 10% of a fund’s portfolio.

Block’s stock moved lower on the same day as the purchase. Shares fell 1.85% to close at $82.02.

Block’s Recent Results

This was not Ark’s first purchase of Block shares this year. The firm bought a large batch last month after the company released its second quarter results.

Block raised its full year profit forecast to $12.5 billion. That would mark 21% growth for the company.

The company posted revenue that beat expectations for the quarter. Still, some analysts have concerns about costs.

Analysts at Mizuho pointed to rising operating expenses. This comes even after the company cut 40% of its staff in February.

Block has been shifting toward an AI focused operation. The staff cuts were part of that change.

Circle Stock Rebounds

Ark also bought 35,192 shares of Circle Internet Group on Monday. The trade was worth $3.36 million.

Circle’s stock jumped 9.65% on Monday. Shares closed at $95.55.

The gain marked a recovery. Circle’s stock had dropped 7.5% the previous Friday.

Analysts at Bernstein gave Circle an Outperform rating last week. They set a price target of $140.

Bernstein pointed to growth potential in several areas. These include shifts in the macro regime, real world blockchain capital markets, and stablecoin payment adoption.

The firm also pointed to emerging use of stablecoins for agentic payments as a growth driver.

Circle’s stock is up 52.6% over the past month. Monday’s gain added to that climb.

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