In a bold move, Cathie Wood’s ARK Investment has recently acquired approximately $20 million worth of Block shares, showcasing the firm’s unwavering commitment to the world of cryptocurrencies. According to insights provided by ARK Invest Daily Trades, the purchases took place over six intervals spanning June 7th to June 8th, resulting in a total of 305,573 shares of Block being added to ARK Invest’s portfolio.
This substantial investment now positions Block as the fourth largest holding within ARK’s portfolio, constituting an impressive 4.81% stake in the company. ARK Invest has distributed the recently acquired Block shares across its prominent exchange-traded funds (ETFs). Out of the total purchase, 240,174 shares have been allocated to ARK Innovation (ARKK) ETF, 39,099 shares to ARK Next Generation Internet (ARKW), and the remaining 26,300 shares to ARK Fintech Innovation (ARKF).
Block, formerly known as Square, is a distinguished American multinational technology conglomerate and digital payment company co-founded by Jack Dorsey, former CEO of Twitter, and Jim McKelvey in 2009. Block has shown a strong interest in cryptocurrencies, particularly Bitcoin, further enhancing its appeal in the evolving digital landscape.
ARK Increases Stake in Coinbase Amid SEC Lawsuit Fallout
In a show of confidence, ARK Investment has decided to reinforce its investment in the cryptocurrency exchange Coinbase, even in the wake of the recent lawsuit filed by the US Securities and Exchange Commission (SEC), which caused a drop in share prices. Last week, three funds managed by ARK Investment Management LLC, including Cathie Wood’s ARK Innovation ETF, purchased a total of 419,324 shares of Coinbase, the largest US-based cryptocurrency exchange.
The SEC has filed various charges against both Coinbase and Binance, the world’s largest cryptocurrency exchange. The charges against Binance include allegations of operating as an unregistered exchange and offering unregistered securities. Similar charges have been levied against Coinbase, accusing it of functioning as an exchange, broker, or clearing agency without the necessary registrations.
While these lawsuits have been viewed as detrimental to the crypto firms involved, Cathie Wood recently expressed her belief that the more severe charges against Binance could ultimately benefit Coinbase. It’s worth noting that Wood maintains an optimistic long-term perspective on digital assets such as Bitcoin, emphasizing their resilience in the face of market volatility and regulatory uncertainties.
