Cryptocurrency NewsCathie Wood’s ARK buys $21 million worth of Coinbase stock

Cathie Wood’s ARK buys $21 million worth of Coinbase stock

ARK Invest CEO Cathie Wood doesn’t seem to have been swayed by recent regulatory action involving cryptocurrencies. She purchased an additional $19.9 million shares of Block Inc. shortly after purchasing $21 million worth of Coinbase stock.

Despite the US Securities Commission suing two of the top exchanges in the market, Binance (June 5) and Coinbase (June 6), for providing what the regulator views as unregistered securities among other things, Wood’s most recent purchasing frenzy has occurred.

The days after the SEC complaint have seen a decline in the share price of Coinbase, while during that same time, Block Inc. shares experienced a strong increase.

According to ARK Invest Daily Trades, the 305,573 more shares of Block that ARK Invest purchased over the course of six buys between June 7-8 now rank as the company’s fourth-largest position at 4.81%.

As for Coinbase, on June 6, ARK Invest made three purchases totaling 419,324 shares, totaling around $21.6 million, after COIN fell by almost 20% over the course of the previous day.

Although many believe that lawsuits will hurt the cryptocurrency companies, Wood recently told Bloomberg that the more severe 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.”


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