Many investors would adopt a wait-and-see strategy before purchasing crypto during these uncertain times, but not ARK Invest CEO Cathie Wood.
Wood is unfazed by the SEC’s assault on the cryptocurrency industry through litigation against Binance and Coinbase.
After purchasing $21 million in Coinbase stock, Wood’s Ark Invest has made a further purchase of $19.9 million in Block Inc. shares. Six separate purchases totalling 305,573 shares were made on June 7-8, making Block a publicly traded company. At 4.81 percent, One ARK is the fourth most significant stake.
The company’s ARK Innovation (ARKK) ETF gained 240,174 shares, ARK Next Generation Internet (ARKW) received 39,099, and ARK Fintech Innovation (ARKF) acquired the remaining 26,300.
The SEC’s move to pursue Coinbase has been good for one’s stock price. Coinbase’s stock has dropped significantly because of the litigation, and Moody’s has downgraded the cryptocurrency exchange.
While COIN dropped around 20% on June 5, ARK Invest acquired 419,324 shares in three separate transactions on June 6 for roughly $21.6 million.
ARK Invest has acquired 11,440 COIN shares across its ARKF, ARKK, and ARKW ETFs, making Coinbase the sixth-biggest position at 4.39%. The SEC has been critical of Coinbase, which benefits the U.S. exchange in the long run.
Wood elaborated in a recent interview with Bloomberg: “We have Binance under increased governmental attention for more illegal acts, fraud is one of them, so we have the competition for Coinbase diminishing, and that’s good for Coinbase in the long run.”
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