ARK Invest CEO Cathie Wood doesn\u2019t appear to have been swayed by recent crypto regulatory action, buying another $19.9 million shares of Block Inc. right after buying $21 million in Coinbase stock.<\/p>\n
Wood\u2019s latest buying spree comes despite the United States Securities and Exchange Commission this week suing two of the industry\u2019s exchange heavyweights,\u00a0Binance and Coinbase, for offering what the regulator considers to be unregistered securities, among other things. <\/p>\n
Coinbase’s share price has been depressed in the days following the SEC lawsuit, however, Block Inc.’s shares saw a sharp rise in that same time period.<\/p>\n
ARK Invest\u2019s 305,573 new shares of Block came across six buys between June 7-8, which now represents ARK\u2019s fourth largest holding at 4.81%, according to ARK Invest Daily Trades.<\/p>\n
Of the new shares, 240,174 were added to its ARK Innovation (ARKK) ETF, 39,099 shares to ARK Next Generation Internet (ARKW) and the remaining 26,300 shares to ARK Fintech Innovation (ARKF).<\/p>\n
As for Coinbase, ARK Invest bought 419,324 shares \u2014 worth about $21.6 million \u2014 across three buys on June 6, which came in the midst of COIN plummeting nearly 20% overnight on June 5.<\/p>\n
While many consider the lawsuits to have harmed the crypto firms, Wood recently told Bloomberg that the tougher charges laid against Binance may eventually work in Coinbase\u2019s favor: <\/p>\n
\u201cWe 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\u2019s a good thing longer term for Coinbase.\u201d<\/p><\/blockquote>\n
Coinbase is now ARK Invest\u2019s seventh largest holding at 4.39%, with its total of 11,440 COIN shares spread across its ARKF, ARKK and ARKW ETFs, according to Cathie\u2019s ARK, a website devoted to tracking her portfolio.<\/p>\n
Since Q1, ARK Invest has increased the number of COIN shares by 8.2% \u2014 which comes on the back of 20.2% and 25.2% increases in Q4 2022 and Q1 this year, according to the website.<\/p>\n
While Wood is becoming increasingly bullish on Coinbase, she believes the SEC\u2019s regulation by enforcement approach has taken a toll on cryptocurrency innovators in the U.S.<\/p>\n