Closely followed investor Cathie Wood bought a sizable amount of Block (NYSE: $XYZ) stock as the shares declined recently.
Through her asset management firm Ark Invest, Woodpurchased $15 million U.S. worth of Block shares as the price declined 3% on Aug. 17.
The latest disclosure shows that Ark Invest added 191,671 shares of the Jack Dorsey-led financial technology and crypto firm across several of its exchange-traded funds (ETFs).
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Block’s stock ended trading on Aug. 17 at $80.20 U.S. per share, bringing the value of Wood’s purchase to $15.40 million U.S.
This is the latest of several purchases Wood has made in XYZ stock. A week ago, Wood bought $21 million U.S. worth of Block shares when the price fell 6% after the company’s financial results.
Ark Invest does not allow any individual holding to exceed 10% of an ETFs portfolio to maintain diversification within its funds.
Block is now one of Ark Invest’s main cryptocurrency stocksand is the second-largest holding in the ARKF fund with aweighting of 6.47%.
Management at Block recently raised their full-year profit forecast to $12.51 billion U.S., which would mark a 21% annual growth rate.
XYZ stock is up 50% in the past six months, and up 24% on the year.
Ark Invest is a private company and its stock does not trade on a public exchange.
