Cathie Wood’s ARK Invest bought 262,463 shares of Jack Dorsey’s Block (XYZ) for $19.2 million, ending a selling streak. Block saw an 8% surge in 30 days. ARK now holds a total of 2.6 million XYZ shares worth $193 million.

Block reported a $2.54 billion profit in Q2, driven by Cash App’s $1.5 billion gross profit. Despite strong financials, Block shares are down 21% from January. Block plans to launch Bitcoin banking tools for SMEs.

Following the purchase, ARK Invest may be shifting investment strategy with Block. Despite recent rebound, Block shares remain down 21% from January. Block plans to launch Bitcoin banking tools for SMEs.

Read more at CoinTelegraph: Cathie Wood’s ARK Bags $19M In Jack Dorsey’s Block Shares