Ark Invest, with its co-founder and chief executive officer (CEO) Cathie Wood, purchased almost $21 million in Block shares on Thursday after the company’s stock dropped by over 6%. Ark restricts any individual investment to 10% of any single fund according to the diversification strategy discussed in the firm’s disclosures. Ark purchased 267,676 shares in Block through three of its exchange-traded funds, namely: Ark Innovation ETF (ARKK), ARKW, and the Ark Blockchain and Fintech Innovation ETF (ARKF). Ark made those purchases when Block stock closed at $79, and the stock showed a drop of 6.15% for the day. The same day it bought Block, Ark sold 39,509 shares of Bullish through ARKW, reducing its position by roughly $910,000 after the stock closed down 3.36% at $23.04.