Block Set to Launch Bitcoin Mining Chip — Ark Invest Makes Aggressive Stock Buyback

TradingKey – Less than a month after trimming its position, Cathie Wood’s Ark Invest has made a surprising move: purchasing $19.2 million worth of Block (NYSE: XYZ) shares. The buyback comes amid growing speculation around Block’s upcoming product launch and signals renewed confidence in the company’s crypto strategy.

On July 21, Ark sold $7 million worth of Block stock when shares closed at $78. As of yesterday, Block’s stock had dipped slightly to $73.03, yet Ark reversed course and bought back shares despite only a $5 price difference.

Block Stock Chart – Source: TradingView

The timing suggests Ark is positioning ahead of a major announcement. According to ABMedia and CryptoBriefing, Block is preparing to launch a new Bitcoin (BTC)  mining chip on Thursday, August 14, as part of its Proto Mining initiative.

Block CFO Amrita Ahuja confirmed in a CNBC interview that the chip is designed to democratize mining, making it more accessible to small businesses and individual operators. CEO Jack Dorsey also teased the launch on X (formerly Twitter), signaling the company’s commitment to expanding its Bitcoin ecosystem.