Cathie Wood’s ARK Buys $19.9 mn Block Shares
Cathie Wood, CEO of ARK Invest, does not appear to have been swayed by recent crypto regulatory action, purchasing another $19.9 million shares of Block Inc. shortly after purchasing $21 million in Coinbase stock.
Wood’s latest buying spree comes despite the US Securities and Exchange Commission suing two of the industry’s heavyweight exchanges, Binance and Coinbase, this week for offering what the regulator considers unregistered securities, among other things.
Coinbase’s stock price has fallen in the days since the SEC lawsuit, but Block Inc.’s stock price has skyrocketed during the same time period.
According to ARK Invest Daily Trades, ARK Invest purchased 305,573 new shares of Block in six transactions between June 7-8, representing ARK’s fourth largest holding at 4.81%.
240,174 new shares were added to its ARK Innovation (ARKK) ETF, 39,099 to ARK Next Generation Internet (ARKW), and 26,300 to ARK Fintech Innovation (ARKF).
In terms of Coinbase, ARK Invest purchased 419,324 shares — worth approximately $21.6 million — in three purchases on June 6, which coincided with COIN falling nearly 20% overnight on June 5.
(With inputs from Shikha Singh)
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