Cathie Wood, CEO of ARK Invest, recently acquired an additional $19.9 million in Block Inc. shares across its ETFs, just a few days after purchasing $21 million of Coinbase shares.
Cathie Wood, CEO of ARK Invest, keeps up her investment binge by acquiring more Block Inc. shares worth $19.9 million. This occurs soon after her $21 million stock purchase of Coinbase.
Wood is still investing heavily in the cryptocurrency sector despite recent regulatory steps taken against prominent cryptocurrency exchanges like Binance and Coinbase.
The SEC has filed complaints against Binance and Coinbase, accusing them of providing unregistered securities and other offenses. These changes, nevertheless, haven’t stopped Wood from making additional investments.
Coinbase’s share price has dropped after the SEC complaint was filed. On the other hand, throughout the same time period, shares of Block Inc. have significantly increased.
In its most recent acquisition, ARK Invest added 305,573 additional shares of Block Inc. through six transactions between June 7th and June 8th. This investment now makes up the fourth-largest position for ARK, making up 4.81% of their total holdings.
ARK Invest purchased 419,324 shares of Coinbase in addition to the Block Inc. stock for a total of about $21.6 million. On June 6, when Coinbase suffered a big overnight decline of approximately 20%, these transactions were completed.
Coinbase is now ARK Invest’s seventh-largest investment, accounting for 4.39% of its portfolio, with a total of 11,440 shares divided across its ARK Fintech Innovation (ARKF), ARK Innovation (ARKK), and ARK Next Generation Internet (ARKW) ETFs.
While Wood is growing more optimistic about Coinbase, she thinks the SEC’s “regulation by enforcement” strategy has hurt American bitcoin startups.