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

Despite the recent crypto regulatory action, ARK Invest CEO Cathie Wood appears to remain unfazed as she purchased an additional $19.9 million shares of Block Inc. shortly after acquiring $21 million in Coinbase stock.

Despite a lawsuit filed by the United States Securities and Exchange Commission this week against two of the exchange industry’s biggest players, Binance and Coinbase, for allegedly offering unregistered securities and other violations, Wood has gone ahead with his latest buying spree.

Coinbase’s share price has experienced a decrease in the aftermath of the SEC lawsuit, however, Block Inc.’s shares experienced a notable increase during the same timeframe.

ARK Invest purchased 305,573 new shares of Block between June 7-8, making it the firm’s fourth largest holding at 4.81%, according to ARK Invest Daily Trades.

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

ARK Invest purchased 419,324 shares of Coinbase, worth a total of approximately $21.6 million, on June 6, shortly after Coinbase had experienced a drop of almost 20% the night before.

Although many view the lawsuits as having caused damage to the crypto companies, Wood recently informed Bloomberg that the more severe charges against Binance could eventually benefit Coinbase:

Coinbase is now the seventh largest holding in ARK Invest’s portfolio, comprising 4.39% of the total, with 11,440 COIN shares distributed among its ARKF, ARKK and ARKW ETFs, as reported by Cathie’s ARK, a website dedicated to monitoring her investments.

Since the start of Q1, ARK Invest has seen a rise of 8.2% in their COIN shares, following on from increases of 20.2% and 25.2% in Q4 2022 and Q1 of this year respectively, as stated on the website.

Despite Wood’s growing optimism regarding Coinbase, she maintains that the SEC’s regulatory approach through enforcement has had a detrimental effect on cryptocurrency innovators in America.

Cathie Wood has likened Bitcoin and Ether to gold, but Ray Dalio is doubtful.

The CEO, who is highly knowledgeable in technology, is also very optimistic about Bitcoin (BTC) in the long run.

In the Bloomberg interview, Wood elucidated that Bitcoin was designed to flourish during periods of market upheaval and regulatory doubt.

In April of 2022, Wood forecasted that Bitcoin would reach a value of $1 million by the year 2030.

William Clemente III predicts that Bitcoin will reach six figures by the end of 2024 according to Hall of Flame Magazine.

Categorized in: