Cathie Wood, the CEO of ARK Invest, doesn’t seem to be swayed by the recent regulatory action as seen by the crypto universe as a whole. The CEO reportedly bought around $19.9 million shares of Block Inc. right after she purchased around $21 million in Coinbase’s stock.
The latest buying spree of Wood comes at the same time the United States Securities and Exchange Commission has sued two of the bigshots in the industry- Coinbase and Binance, for offering what the regulators have considered to be unregistered securities amongst other things. The share price of Coinbase has been quite depressing in the days that followed the SEC lawsuit. However, the shares of Block Inc saw a pretty sharp rise in that exact time period.
ARK Invest’s CEO Has Not Been Rebuffed By SEC Lawsuit
The new shares of ARK Invest of Block came across six buys between the 7th and 8th of June, which is now representative of the fourth largest holding of the company at 4.81%, according to the ARK Invest Daily Trades. Regarding the rest of the shares, around 240,174 shares were added to the ARK Innovation ETF, 39,099 were added to ARK Next Generation Internet, and the remaining shares were issued to ARK Fintech Innovation.
As for Coinbase, the company bought 419,324 shares, which have a total worth of $21.6 million, across three separate buys on the 6th of June, which came in the midst of COIN plummeting nearly 20% overnight.
Although many have considered the lawsuits by the SEC to have majorly harmed the crypto firms, the CEO of ARK Invest told Bloomberg that the tougher charges against Binance could work in favor of Coinbase. Coinbase is now the seventh largest holding of the company at 4.39%, with a total of 11,440 COIN shares that have been spread across ARKK, ARKF, and ARKW ETFs, according to the website of company.
