ARK Invest Scoops Up Block Shares Worth $20M
- The CEO of ARK Invest, Cathie Wood, confirmed that her firm purchased $19.9 million worth of Block shares.
- 305,573 more shares of Block were acquired by ARK Invest across six trades between June 7 and 8.
- Block is the fourth largest position at 4.81%, while Coinbase is the seventh-largest position at 4.49%.
- Coinbase’s stock price in the past month has fallen by 11%, while Block’s has increased by 13% in the same period.
Popular crypto investor and the founder and CEO of Ark Invest, an investment management firm, Cathie Wood, remains unfazed by the regulatory actions taken by the United States Securities and Exchange Commission (SEC) against crypto companies. The executive declared her purchase of $19.9 million worth of Block Inc. stock shortly after investing $21 million in Coinbase earlier this week.
Based on ARK Invest Daily Trades, 305,573 more shares of Block were acquired by ARK Invest across six trades between June 7 and 8, making up its fourth largest position at 4.81%. The additional shares were divided among three different ETFs: ARK Innovation (ARKK) received 240,174, ARK Next Generation Internet (ARKW) received 39,099, and ARK Fintech Innovation (ARKF) received the remaining 26,300.
As per ARK, Coinbase is now in ARK Invest’s seventh position at 4.39%, with 11,440 COIN shares divided among its ARKF, ARKK, and ARKW ETFs. Meanwhile, Coinbase’s stock price in the past month has fallen by more than 11% owing to the SEC lawsuit. Meanwhile, shares of Block Inc. have experienced a strong increase of more than 13% within the same time frame.
On June 6, ARK Invest made three purchases of 419,324 shares of Coinbase, totaling around $21.6 million, during an instantaneous drop in COIN of over 20%.
The US Securities and Exchange Commission’s recent string of lawsuits against leading crypto exchanges Coinbase and Binance is worth noting. Despite the fact that many people believe the lawsuits have been detrimental to the crypto firms, Wood has told Bloomberg that the worse allegations brought against Binance may ultimately benefit Coinbase.
“We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them; therefore, we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase,” Wood’s said.
Notably, Wood recently voiced her opinions over the price of Bitcoin in the midst of the US financial crisis. According to her, the rising price of bitcoin will attract more organizations and investors. Previously, Wood had also acknowledged that the metaverse has the potential to grow into a multi-trillion dollar industry and is preparing to do so.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
