Though much of Cathie Wood's focus is on what she calls "disruptive" innovation -- buying tons of cutting-edge biotech companies (and Tesla) -- she likes her more run-of-the-mill tech as well.
Wood's flagship Ark Invest ETF, the Ark Innovation ETF, has been a longtime fan of Block Inc., the fintech company behind such popular platforms as Cash App and Square.
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Her latest purchase involves a total of nearly $14 million worth of (SQ), spread across two of Ark's ETFs. Ark's Innovation ETF acquired 177,985 shares of Block, and Ark's Next Generation Internet ETF picked up 29,442 shares.
Block is the sixth largest holding in Ark's Innovation ETF, making up 6.5% of the fund at a market value of $483,455,885.76.
Block reported earnings at the beginning of May, generating a gross profit of $1.7 billion for the quarter, up 32% year-over-year. Cash App's gross profit -- at $931 million for the quarter -- was up nearly 50% year-over-year.
Block also reported that Cash App has grown to 20 million monthly Cash App Card Actives in March, an increase of more than 30% from last year.
Block reported a loss of $.03 per share, up from the loss per share of $.38 the previous year.
Block's stock closed at $66.24 June 7.
Speaking on "Mad Money" June 7, celebrity investor Jim Cramer said Block is a good company, but it's currently undervalued because of strong competition.
"There's so many people gunning for them that it's very difficult for the company's stock to make headway," Cramer said.
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