Cathie Wood Dumps Palantir and AMD to Buy Block and Circle in $40 Million Shift
TLDR
- Ark Invest bought 456,059 shares of Block worth $37.4 million across three ETFs on Monday
- Ark also picked up 35,192 shares of Circle Internet Group for $3.36 million
- Palantir shares worth $26 million were sold across ARKF, ARKK, and ARKW
- AMD holdings were trimmed by 8,623 shares, worth around $4.1 million
- Block holds 9,177 Bitcoin worth roughly $714 million, and Circle is up 52.6% over the past month
Cathie Woodโs Ark Invest made a series of major trades on Monday, offloading shares in Palantir Technologies and Advanced Micro Devices while buying heavily into Block and Circle Internet Group.
Ark picked up 456,059 shares of Block across its ARKF, ARKK, and ARKW funds. With Block closing at $82.02, the total trade came to around $37.4 million. Block fell 1.85% on the day.
The purchase follows Blockโs second-quarter earnings report from early August, where the company posted earnings of $1.02 per share and revenue of $6.62 billion, both beating expectations.
Block raised its full-year profit forecast to $12.5 billion, representing 21% growth. Analysts at Mizuho did flag concerns about rising operating expenses, despite a 40% staff cut in February.
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