Cathie Wood's Ark Invest offloads $29 million worth of Block Inc shares in two days

Cathie Wood’s Ark Invest sold 526,991 Block Inc. shares, worth about $29.1 million, in the past two trading days as it rebalanced its fund allocations.

The firm’s latest trade filing showed that the ARK Innovation ETF (ARKK) offloaded 203,659 Block Inc. shares on Tuesday and 323,332 shares of the same company on Monday.

Block's stock closed up 1% at $55.29 on Tuesday. The payments company, led by Jack Dorsey, has seen its stock price fall 36% year-to-date.

Block Inc. operates several businesses that play a key role in cryptocurrency, including its notable subsidiary Cash App. This mobile payment service enables users to transfer money and engage in buying, selling and holding bitcoin, according to The Block's equities dashboard .

Cathie Wood said last year that Ark aims to have no stock holding exceed 10% of a fund's portfolio. 

On Monday, Ark acquired 52,753 Coinbase shares, worth about $9.4 million, for its ARKK ETF and 11,605 Coinbase shares, worth about $2.1 million, for the Ark Fintech Innovation ETF.

As of Tuesday, Coinbase stock represented a 7.06% weight in the ARKK fund, making it the third-largest holding within the ETF, while Block accounted for a 2.68% weight, according to Ark's latest disclosure .