Cathie Wood, the CEO of ARK Invest, has continued to invest in cryptocurrency despite recent regulatory actions. After purchasing $21 million worth of Coinbase shares, Wood has now acquired $19.9 million in Block Inc. shares across her company’s ETFs. Despite the recent lawsuits by the U.S. Securities and Exchange Commission (SEC) against major exchanges Binance and Coinbase for alleged violations, Wood remains undeterred. While Coinbase’s stock price has suffered following the SEC lawsuit, Block Inc.’s shares experienced a significant increase during the same period.
ARK Invest’s Purchases: Block Inc. and Coinbase Holdings
ARK Invest purchased 305,573 new shares of Block Inc., making it their fourth-largest holding at 4.81%. The shares were acquired through six separate transactions between June 7-8. The majority, 240,174 shares, were added to the ARK Innovation (ARKK) ETF, while 39,099 shares went to the ARK Next Generation Internet (ARKW) ETF, and the remaining 26,300 shares were allocated to the ARK Fintech Innovation (ARKF) ETF. In addition to Block Inc., ARK Invest also bought 419,324 shares of Coinbase, worth approximately $21.6 million, through three separate transactions on June 6. This purchase took place amidst a nearly 20% drop in Coinbase’s stock price overnight on June 5. Wood remains optimistic about Coinbase’s long-term prospects, suggesting that the regulatory pressure on Binance could ultimately benefit Coinbase by reducing competition. Coinbase is now ARK Invest’s seventh largest holding at 4.39%, with a total of 11,440 COIN shares spread across their various ETFs.
Despite her bullish stance on Coinbase, Wood believes that the SEC’s regulatory approach has negatively impacted cryptocurrency innovators in the United States. She continues to be extremely optimistic about Bitcoin’s long-term performance, emphasizing its ability to thrive in times of market volatility and regulatory uncertainty. In a previous interview, Wood predicted that Bitcoin would reach $1 million by 2030. She views Bitcoin as an antidote to counterparty risk in the traditional financial system.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only.
