ARK Invest CEO Cathie Wood bought another $19.9 million stake in Block Inc. shortly after buying $21 million in Coinbase shares, reeling from recent cryptocurrency regulatory actions. It seems not.
Wood’s latest hoard comes after the U.S. Securities and Exchange Commission this week sued two of the industry’s leading exchanges, Binance and Coinbase, for offering what regulators consider unregistered securities. nevertheless done.
While Coinbase’s stock price fell in the days following the SEC lawsuit, Block Inc.’s stock price surged around the same time.
ARK Invest’s 305,573 new Block shares were purchased six times between June 7 and 8, making it now ARK’s fourth largest holding at 4.81%. according to To ARK Invest Daily Trades.
Of the new shares, 240,174 shares were added to the ARK Innovation (ARKK) ETF, 39,099 shares to the ARK Next Generation Internet (ARKW) and the remaining 26,300 shares to the ARK Fintech Innovation (ARKF).
As for Coinbase, ARK Invest bought 419,324 shares (worth about $21.6 million) in three purchases on June 6th, amid a nearly 20% drop in COIN on the night of June 5th. was.
While many believe the lawsuit has hurt cryptocurrency companies, Wood recently said: Said Bloomberg said tougher charges against Binance could ultimately favor Coinbase.
“Binance is under increased regulatory scrutiny for more criminal activity, including fraud.
Coinbase is currently the 7th largest holding at 4.39% of ARK Invest, with a total of 11,440 COIN shares spread across ARKF, ARKK and ARKW ETFs. according to Visit Cathie’s ARK, a website dedicated to tracking her portfolio.
Since Q1, ARK Invest has increased COIN shares by 8.2%. This is on the back of increases of 20.2% and 25.2% in Q4 2022 and Q1 this year. according to to the website.
Wood, who has become increasingly bullish on Coinbase, believes that SEC regulation due to its enforcement approach is hurting U.S. cryptocurrency innovators.
Related: Bitcoin and Ether Are “Like Gold,” Says Kathy Wood, But Ray Dalio Is Skeptical
The tech-savvy CEO is also very bullish on Bitcoin (BTC) in the long run.
In a Bloomberg interview, Wood explained that Bitcoin was built to thrive in times of market turmoil and regulatory uncertainty.
“Why would Bitcoin work in that situation? It would work because it is an antidote to counterparty risk in the traditional financial system.”
In April 2022, Wood predicted that Bitcoin will reach $1 million by 2030.
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