Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares

Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares

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ARK Invest CEO Cathie Wood does not appear to have been swayed by recent crypto regulatory action, as she bought another Block Inc. stock for $19.9 million just after buying Coinbase shares for $21 million. .

Wood’s latest buying spree comes despite the US Securities and Exchange Commission suing two of the industry stock market heavyweights, Binance and Coinbasefor offering what the regulator considers unregistered securities, among other things.

Coinbase’s stock price depressed in the days following the SEC lawsuit, yet Block Inc.’s stock saw a sharp rise in that same time frame.

ARK Invest’s 305,573 new Block shares were met with six buys between June 7-8, now representing ARK’s fourth-largest holding at 4.81%. according to the daily operations of ARK Invest.

Of the new shares, 240,174 were added to its ARK Innovation ETF (ARKK), 39,099 shares to ARK Next Generation Internet (ARKW) and the remaining 26,300 shares to ARK Fintech Innovation (ARKF).

As for Coinbase, ARK Invest bought 419,324 shares, worth approximately $21.6 million, in three purchases on June 6, which came amid COIN’s nearly 20% overnight drop 5th June.

While many believe the lawsuits hurt crypto companies, Wood recently said Bloomberg that the harsher charges brought against Binance may eventually work in Coinbase’s favor:

“We have Binance under increasing regulatory scrutiny for more criminal activity, fraud being one of them, therefore we have competition from Coinbase being gone, so it’s a good thing for Coinbase in the long run.”

Coinbase is now the seventh largest holding in ARK Invest at 4.39%, with a total of 11,440 COIN shares spread across its ARKF, ARKK, and ARKW ETFs. according to Cathie’s ARK, a website dedicated to tracking her portfolio.

Since Q1, ARK Invest has increased the number of COIN shares by 8.2%, which is due to increases of 20.2% and 25.2% in Q4 2022 and Q1 of this year. according to website

While Wood is becoming increasingly bullish on Coinbase, he believes that SEC regulation through the enforcement approach has hurt cryptocurrency innovators in the US.

Related: Bitcoin, Ether are ‘like gold’, says Cathie Wood, but Ray Dalio is skeptical

The tech-savvy CEO is also very bullish on Bitcoin (BTC) in the long run.

In the Bloomberg interview, Wood explained that Bitcoin was built to thrive in times of Market turbulence and regulatory uncertainty:

“Why would Bitcoin do well in that circumstance? It will do well because it is an antidote to counterparty risk in the traditional financial system.”

In April 2022, Wood predicted that Bitcoin would reach $1 million by 2030.

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