Cathie Wood’s Ark Invest made significant trades on Tuesday, most notably selling off shares of Block Inc. (SQ), despite the company’s recent strong second-quarter results. The move comes as Bitcoin experiences a surge, a key focus for Block’s future. Ark Invest also bought shares in companies like Tempus AI Inc. and Blade Air Mobility Inc. while selling shares of Moderna Inc.
Block SQ has shown strong growth in the past year, driven by its robust payment and point-of-sale (POS) solutions. However, the company is facing challenges from market uncertainties, inflation, and sluggish consumer spending. This article delves into Block’s strengths and weaknesses, highlighting its promising prospects while acknowledging the risks involved.
Square and Chase Bank customers have voiced their frustrations after experiencing account closures and delayed access to their funds. Anne Renee Timmons-Harris, a Square customer, shared her disappointment on Facebook after the company mistakenly deposited her money into a closed account, leaving her without access for several days. Chase Bank customers also detailed their struggles, including one person whose account was closed while traveling abroad, leaving them cashless. Banks often close accounts when they suspect suspicious activity, but customers are advised to inform their banks about travel plans to avoid unexpected closures.
Block (formerly Square), led by Jack Dorsey, is expanding its bitcoin mining ambitions beyond custom chips to include the development of a complete bitcoin mining system. This move aims to democratize access to bitcoin mining, decentralize the hardware supply, and distribute hashrate more evenly. Block is working with a global semiconductor foundry to design its standalone three-nanometer bitcoin mining chip and plans to offer both the chip and a full mining system of its own design.
