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ARK Invest CEO Cathie Wood has been shaken by recent crypto regulatory actions as she bought another $19.9 million stake in Block Inc. shortly after buying $21 million in Coinbase shares. It seems not.
Wood’s recent hoarding saw the U.S. Securities Commission lash out at two of the industry’s biggest exchanges, Binance (June 5) and Coinbase (June 5), for offering what regulators consider unregistered securities. 6th) was done despite appealing.
While Coinbase’s stock price fell in the days following the SEC lawsuit, Block Inc.’s stock price surged around the same time.
ARK Invest’s 305,573 new Block shares were purchased six times between June 7 and 8, making it now ARK’s fourth largest holding at 4.81%. according to To ARK Invest Daily Trades.
Of the new shares, 240,174 shares were added to the ARK Innovation (ARKK) ETF, 39,099 shares to the ARK Next Generation Internet (ARKW) and the remaining 26,300 shares to the ARK Fintech Innovation (ARKF).
As for Coinbase, ARK Invest bought 419,324 shares (worth about $21.6 million) in three purchases on June 6th, amid a nearly 20% drop in COIN on the night of June 5th. was.
While many believe the lawsuit has hurt cryptocurrency companies, Wood recently said: Said Bloomberg said tougher charges against Binance could ultimately favor Coinbase.
“Binance is under increased regulatory scrutiny for more criminal activity, including fraud.
Coinbase is currently the 7th largest holding at 4.39% of ARK Invest, with a total of 11,440 COIN shares spread across ARKF, ARKK and ARKW ETFs. according to To Cathie’sARK.com.
Since Q1, ARK Invest has increased COIN shares by 8.2%. This is on the back of increases of 20.2% and 25.2% in Q4 2022 and Q1 this year. according to To Cathie’sARK.com.
Because of regulatory uncertainty, innovation seems to be draining out of the US to a friendlier regime. I’m sorry. I think it will be an issue in election year. https://t.co/PvqK9W27Fd
— Cathy Wood (@CathieDWood) June 4, 2023
Wood, who has become increasingly bullish on Coinbase, believes that SEC regulation due to its enforcement approach is hurting U.S. cryptocurrency innovators.
Related: Bitcoin and Ether Are “Like Gold,” Says Kathy Wood, But Ray Dalio Is Skeptical
The tech-savvy CEO is also very bullish on Bitcoin (BTC) in the long run.
In a Bloomberg interview, Wood explained that Bitcoin was built to thrive in times of market turmoil and regulatory uncertainty.
“Why would Bitcoin work in that situation? It would work because it is an antidote to counterparty risk in the traditional financial system.”
In April 2022, Wood predicted that Bitcoin will reach $1 million by 2030.
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