Bitcoin News
By Sydney TheCMO
1 / 15
Block's 40% Workforce Cut Didn't Stop Expenses Rising. Cutting nearly half your staff is not a small thing.
2 / 15
Why Ark Invest Sees Value Others Don't. And then Ark went and bought $21 million worth of it.
3 / 15
What Investors Are Watching Now. Markets don't like uncertainty, and Block is currently serving up a fair amount of it.
4 / 15
Cathie Wood bought the dip. Hard. Ark Invest snapped up $21 million worth of Block shares on Thursday even as the stock cratered 6.
5 / 15
The drop came after Block released its second-quarter results, and the numbers weren't pretty. Operating expenses went up.
6 / 15
Cutting nearly half your staff is not a small thing. It's disruptive, it's painful, and it's the kind of move that signals a company is serious about restructuring.
7 / 15
The Q2 results showed operating expenses still moving in the wrong direction. Block hasn't spelled out exactly which cost lines are still running hot, and the company didn't…
8 / 15
The stock fell 6.15% on the day. Not a catastrophic collapse, but enough to hurt.
9 / 15
That's the part worth sitting with for a second. Ark Invest, the fund Wood built around high-conviction bets on disruptive technology companies, didn't flinch at the selloff.
10 / 15
Read also: Coldcard Bug Cost Bitcoin Holders Over 1,596 Coins and $100 Million
11 / 15
Wood has done this before. Ark's whole model is built on the idea that short-term financial turbulence doesn't change the underlying trajectory of transformative companies.
12 / 15
Whether that bet pays off is a different question. Unclear, honestly.
13 / 15
Block's situation right now is murky. The workforce reduction was supposed to be the hard part — the painful but necessary step that set up a cleaner financial picture going…
14 / 15
Markets don't like uncertainty, and Block is currently serving up a fair amount of it. The company hasn't laid out any new cost-cutting measures beyond what's already been done.
15 / 15
The absence of new disclosures probably keeps the stock under pressure in the near term. Investors want a roadmap. Right now, Block hasn't given them one.
The Currency Analytics
Want the full story?