{"id":106356,"date":"2023-06-09T14:09:13","date_gmt":"2023-06-09T14:09:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/cathie-woods-ark-loads-up-crypto-bags-buys-19-9m-block-shares-crypto-news\/"},"modified":"2023-06-09T14:09:15","modified_gmt":"2023-06-09T14:09:15","slug":"cathie-woods-ark-loads-up-crypto-bags-buys-19-9m-block-shares-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/cathie-woods-ark-loads-up-crypto-bags-buys-19-9m-block-shares-crypto-news\/","title":{"rendered":"Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares\n – Crypto News"},"content":{"rendered":"
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ARK Invest CEO Cathie Wood doesn’t 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’s latest buying spree comes despite the United States Securities and Exchange Commission this week suing two of the industry’s exchange heavyweights<\/a>, Binance and Coinbase<\/a>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’s 305,573 new shares of Block came across six buys between June 7-8, which now represents ARK’s fourth largest holding at 4.81%, accordingly<\/a> 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<\/a> Bloomberg that the tougher charges laid against Binance may eventually work in Coinbase’s 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’s a good thing longer term for Coinbase.\u201d<\/p><\/blockquote>\n

Coinbase is now ARK Invest’s seventh largest holding at 4.39%, with its total of 11,440 COIN shares spread across its ARKF, ARKK and ARKW ETFs, accordingly<\/a> to Cathie’s 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, accordingly<\/a> to the website.<\/p>\n

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Because of regulatory uncertainty, innovation seems to be leaving the US for more friendly regimes. Unfortunately. I believe it will become an election-year issue. https:\/\/t.co\/PvqK9W27Fd<\/a><\/p>\n

\u2014 Cathie Wood (@CathieDWood) June 4, 2023<\/a><\/p><\/blockquote>\n

While Wood is becoming increasingly bullish on Coinbase, she believes the SEC’s regulation by enforcement approach has taken a toll on cryptocurrency innovators in the US.<\/p>\n

Related: <\/strong>Bitcoin, Ether are ‘like gold’ says Cathie Wood, but Ray Dalio is skeptical<\/strong><\/a><\/em><\/p>\n

The tech-savvy CEO is ultra bullish on Bitcoin (BTC) over the long term too.<\/p>\n

In the Bloomberg interview, Wood explained that Bitcoin was built to thrive during times of market turbulence and regulatory uncertainty:<\/a><\/p>\n

\u201cWhy would Bitcoin do well in that circumstance? It will do well because it’s an antidote to counterparty risk in the traditional financial system.”<\/p><\/blockquote>\n

In April 2022, Wood predicted that Bitcoin would reach $1 million by 2030.<\/a><\/p>\n

Magazine: <\/strong>Hall of Flame: William Clemente III tips Bitcoin will hit six figures towards end of 2024 <\/strong><\/a><\/em><\/p>\n