Cathie Wood's Ark Invest buys $31 million worth of Block Inc. shares

Cathie Wood's Ark Invest bought $30.9 million worth of Block Inc. (XYZ) shares across three of its exchange-traded funds on Monday, indicating the firm's growing exposure to crypto-related stocks.

The ARK Innovation ETF (ARKK) acquired 210,916 Block shares, and the ARK Next Generation Internet ETF (ARKW) bought 59,827 shares of Block. The ARK Fintech innovation ETF (ARKF) also purchased 114,842 Block shares, according to the firm's Monday trading disclosure.

Block Inc., co-founded by Jack Dorsey, is a financial services and technology company that operates several business units within the crypto asset ecosystem. Its products include Square, servicing point-of-sale hardware and software, Cash App mobile wallet, Bitkey bitcoin hard wallet and bitcoin mining system Proto.

Earlier this month, Square rolled out an integrated bitcoin solution that lets businesses accept, hold, and convert the cryptocurrency directly from their point-of-sale systems. It also integrated a bitcoin wallet system for merchants using the system.

Block's stock rose 0.77% on Monday, closing at $80.15, according to The Block's price page. The stock is up 37.43% in the past six months but down 7.61% year-to-date.

Meanwhile, Ark bought 268,833 shares of DraftKings across two ETFs. DraftKings is a major digital sports entertainment and gambling company in the U.S.

DraftKings recently acquired Railbird Technologies, a designated contract market regulated by the Commodity Futures Trading Commission, to support its planned launch of a prediction market. Last week, Polymarket announced that it will serve as the designated clearing house for DraftKings' upcoming predictions market.

DraftKings' stock closed down 0.12% at $32.96 on Monday, according to Google Finance data.