ARK Invest Buys $19.9 Million Block Shares as Cathie Wood Stands Firm on Crypto
Cathie Wood's Ark Investment has purchased around $20 million worth of Block shares as the crypto investment firm stand remains committed to crypto.
According to data provided by ARK Invest Daily Trades, ARK Invest acquired a total of 305,573 shares of Block across six intervals between June 7-8, which now represents ARK’s fourth largest holding at 4.81%.
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).
Founded by former Twitter CEO Jack Dorsey and Jim McKelvey in 2009, Block, formerly Square, is an American multinational technology conglomerate and digital payment company with a unique interest in cryptocurrencies, especially Bitcoin.
The recent purchase of Block shares comes as Ark Investment has doubled down on its investment in the crypto exchange Coinbase after the US Securities and Exchange Exchange sued the company sending share prices tumbling.
Earlier this week, three Ark Investment Management LLC funds, including Wood’s Ark Innovation ETF, purchased 419,324 shares of Coinbase, which is also the largest US-based cryptocurrency exchange.
The investment management firm has been bullish before on Coinbase.
Ark Invest bought an additional $8.5 million in COIN shares on May 1 and bought 129,604 more for its ARK Innovation ETF.
The US Securities and Exchange Commission has sued both Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest US-based cryptocurrency.
The commission filed 13 charges against Binance and its US affiliates, ranging from allegedly operating as an unregistered exchange to offering unregistered securities.
The regulator also levied
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