A few days after ARK Invest CEO Cathie Wood bought $21 million of Coinbase shares, Block Inc. for $19.9 million in ETFs. added shares. The company does not appear to be affected by the recent crypto regulatory investigations.
Investigations Opened to Crypto Exchanges Did Not Affect ARK Invest
Wood's latest buying spree came despite the United States Securities Commission suing Binance (June 5) and Coinbase (June 6), the industry's two stock market heavyweights.
Coinbase's share price slumped in the days following the SEC lawsuit, but Block Inc. stocks rose sharply in the same time frame.
According to ARK Invest Daily Trades, ARK Invest's 305,573 new Block shares were made with six purchases between June 7-8 and currently represent ARK's fourth largest holding at 4.81%.
240,174 of the new shares were added to the ARK Innovation (ARKK) ETF, 39,099 to the ARK Next Generation Internet (ARKW), and the remaining 26,300 to the ARK Fintech Innovation (ARKF).
While many believe the lawsuits have hurt crypto firms, Wood recently told Bloomberg that tougher accusations against Binance could eventually work in Coinbase's favour.
According to Cathie'sARK.com, ARK Invest has increased the number of COIN shares by 8.2% since the first quarter; this increase came after the increases of 20.2% and 25.2% in the 4th quarter of 2022 and the first quarter of this year.
While Wood is increasingly bullish on Coinbase, he believes that the SEC's regulation with the sanctions approach is hurting cryptocurrency innovators in the US.
The tech-savvy CEO is also extremely hopeful about Bitcoin (BTC) in the long run.
Wood explained that Bitcoin is built to thrive in times of market turmoil and regulatory uncertainty.
*Not investment advice.