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BTC Cathie Wood bets on innovation track: Heavy position Rocket Laboratory and Block
Cathie Wood is taking advantage of the recent pullback in growth stocks to make concentrated bets on two very different parts of the innovation field. According to transaction disclosures, ARK Invest purchased approximately $44.5 million in Rocket Lab stock and $37.4 million in Block stock, invested approximately $82 million in commercial aerospace and fintech, while reducing positions in Palantir and AMD. The deals suggest that this is not just an opportunistic bargain hunting, and that ARK is diverting capital to companies that still have significant execution catalysts.
Rocket Laboratory: A cheaper alternative to SpaceX?
According to ARK transaction disclosure data quoted by Yahoo Finance, between August 31 and September 1, ARK purchased a total of 705,102 shares of Rocket Laboratory stock. The purchase came after RKLB's share price fell sharply by about 58% to the $60-plus range from its May 27 closing high of $150.23.
The appeal of the rocket laboratory is not limited to launch services. Its latest quarterly earnings report showed that second-quarter revenue hit a record high of $234 million, a year-on-year increase of 62%, and the backlog of orders also reached a record high of $2.36 billion. The company also said it has secured more than $437 million in additional launch contracts on the Electron, HASTE and Neutron projects.
The bigger catalyst lies in the Neutron. This is a medium-range launch vehicle developed by the Rocket Laboratory and designed to compete more directly with SpaceX's Falcon 9. Management aims to put the rocket on the launch pad in the fourth quarter of 2026, although the vehicle has not yet completed its first flight. This execution risk explains why RKLB's share price has fallen sharply while expanding its business.
At the same time, ARK's interest has increased as SpaceX's valuation climbs to more than $1 trillion and Rocket Labs 'market value is only a fraction of it.
Block: The second bet between Bitcoin and payments
Block provides ARK with the same risk-reward trading model. ARK made the $37.4 million purchase after Block, led by Jack Dorsey, had just reported second-quarter gross profit of $3.17 billion (a year-on-year increase of 25%) and raised its full-year 2026 gross profit forecast to $12.51 billion, at a time when Block's share price weakened.
Block integrates Square, Cash App, Afterpay and multiple Bitcoin services, giving ARK access to both digital payments and cryptocurrency infrastructure. The move also marks a reversal of ARK's previous strategy of cutting Block positions and reallocating capital to other crypto-related names such as Circle. Previous Circle purchases have demonstrated ARK's willingness to aggressively rotate within the financial technology and digital asset sectors.
On August 31, ARK sold approximately 139,456 shares of Palantir stock, valued at approximately US$26 million, and reduced AMD's exposure, further strengthening the impression that Wood was making asset allocation adjustments rather than simply increasing overall risk. This kind of frequent portfolio changes hands is no stranger. ARK has repeatedly cut its profit positions, including its share of Bitcoin ETFs, while increasing its holdings in companies it believes are temporarily undervalued.
The key question is whether Rocket Laboratory and Block now have the ability to justify this confidence. Rocket Labs still has to rely on the successful delivery of Neutron, and Block must translate Cash App's strong growth and aggressive restructuring into continued profitable expansion. For Wood, the recent weakness appears to be an opportunity rather than a warning.
