Cathie Wood Increases Block Investment by $19 Million While Reducing Shopify Position
Ark Invest made major portfolio changes on Monday, significantly increasing Block holdings while reducing Shopify investments.
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Ark Invest purchased Block shares worth $19.2 million across three ETFs after the company's recent earnings report. Although Block's earnings of 62 cents per share missed analyst expectations by 6 cents, investors remain optimistic about Cash App's momentum. Bitcoin was trading near its July high of around $119,000.
Meanwhile, Ark sold $10.3 million worth of Shopify shares despite the company's strong quarterly performance showing 31% revenue growth to $2.68 billion. This follows last week's $18.4 million Shopify sale, indicating strategic portfolio repositioning. Additional trades included purchases in healthcare companies and sales in other technology firms.
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benzinga.comhttps://www.benzinga.com/news/25/08/47048963/cathie-wood-bets-19-million-more-on-jack-dorseys-block-amid-bitcoins-all-time-high-push-dumps-shopify-stock