Cathie Wood’s ARK Invest continues bullish stance with additional investments in Block Inc. shares
- Cathie Wood’s ARK Invest has made additional investments in Block Inc. and Coinbase despite recent regulatory actions.
- ARK Invest purchased $19.9 million worth of Block Inc. shares and $21 million worth of Coinbase shares.
- The SEC’s lawsuits against Binance and Coinbase have not deterred Wood’s bullish stance on these companies.
Cathie Wood, CEO of ARK Invest, remains undeterred by recent regulatory actions in the cryptocurrency industry. She has purchased an additional $19.9 million worth of shares in Block Inc. following a $21 million investment in Coinbase stock. Despite the Securities and Exchange Commission’s (SEC) lawsuits against industry giants Binance and Coinbase, Wood demonstrates confidence through her buying spree.
ARK Invest’s holdings in Block Inc. and Coinbase
ARK Invest has acquired 305,573 new shares of Block Inc. through six separate purchases between June 7 and 8. This brings ARK Invest’s stake in Block Inc. to 4.81%, making it the fourth-largest holding within its portfolio. The new shares were allocated to ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) ETFs. Furthermore, ARK Invest bought 419,324 shares of Coinbase across three purchases on June 6, amounting to approximately $21.6 million.
Despite the SEC lawsuit causing a decline in Coinbase’s share price, Wood believes that the increased regulatory scrutiny faced by Binance may work in Coinbase’s favor. She suggests that the intensified allegations against Binance might reduce competition for Coinbase in the long run, which she sees as a positive development for the company. Coinbase now represents the seventh-largest holding within ARK Invest’s portfolio, accounting for 4.39% of their total holdings.
Optimism in Bitcoin and criticism of the regulatory approach
Wood maintains an optimistic long-term outlook on Bitcoin, highlighting its resilience during market turbulence and regulatory uncertainty. She told Bloomberg that Bitcoin is an antidote to counterparty risk within the traditional financial system. In April 2022, Wood boldly predicted that Bitcoin could reach $1 million by 2030. However, she criticizes the SEC’s regulatory approach, which she believes has had a negative impact on cryptocurrency developers in the United States.
Despite the legal challenges faced by crypto startups, Wood’s continued investments in Block Inc. and Coinbase signify her confidence in their growth potential and long-term prospects.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
