Cathie Wood Drops $40M On Block & Circle Like It's A Side Hustle 💸

Ark Invest, the fund management firm led by Cathie Wood, acquired roughly $40 million in shares of Block Inc. and Circle Internet Group on Monday, according to updated daily trading data published by the firm. The purchases were split across three exchange-traded funds: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Blockchain & Fintech Innovation ETF (ARKF).

Ark bought 456,059 shares of Block, the payments company founded by Jack Dorsey, at a closing price of $82.02 per share, bringing the total value of the acquisition to approximately $37.4 million. Block closed the trading session 1.85% lower. The move adds to a series of 2025 acquisitions Ark has made in Block during periods of market decline, including a purchase of 236,759 shares worth about $17.2 million in June and an additional 19,029 shares valued at approximately $1.52 million in July.

The firm also expanded its position in Circle Internet Group, the stablecoin issuer, buying 35,192 shares at Monday's closing price of $95.55, for a total of approximately $3.36 million. Circle stock, traded under the ticker CRCL, rose 9.65% on the day, recovering from a 7.5% decline on Friday and a 4.5% drop over the 12 months leading up to the end of September. The acquisition is part of Ark's broader effort to build a larger position in Circle during 2025, which included a purchase of 220,012 shares in July.

Block Inc. is the fintech company behind payments platform Square and the Cash App bitcoin product, while Circle Internet Group is the issuer of the USDC stablecoin, one of the largest dollar-pegged tokens by market capitalization. Both companies have significant exposure to the cryptocurrency sector through their respective products and services.