United

Generation

April

Read

<p class="is-style-lead">ARK Invest has made a substantial investment of $19.9 million in Block Inc. It expanded its stake in the company just hours after investing $21 million in Coinbase stock. </p>



<p>Despite recent regulatory actions against significant crypto industry players, such as Binance and Coinbase, Cathie Wood seems unmoved as she pursues additional investments. Block Inc. is the latest beneficiary of her purchasing spree.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/cathie-wood-boosts-coinbase-holdings-amid-escalating-sec-crackdown/">
            Cathie Wood boosts Coinbase holdings amid escalating SEC crackdown&nbsp;        </a>
    </p>




<p>While Coinbase&#8217;s stock has experienced a significant decline after the Securities and Exchange Commission (SEC) lawsuit, Block Inc.&#8217;s shares have soared, making it an attractive investment for Wood and ARK Invest.</p>



<p>ARK Invest <a href="https://arkinvestdailytrades.com/" target="_blank" rel="noreferrer noopener">holds</a> a 4.81% stake in Block Inc., acquired through six separate transactions between June 7 and 8. This investment has become the fourth-largest position within ARK Invest&#8217;s portfolio, demonstrating Wood&#8217;s confidence in the company&#8217;s future growth.</p>



<p>The additional shares purchased by ARK Invest were allocated to different ETFs. Specifically, 240,174 shares were added to the ARK Innovation (ARKK) ETF, 39,099 shares to the ARK Next Generation Internet (ARKW) ETF, and 26,300 shares to the ARK Fintech Innovation (ARKF) ETF.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/lens-protocol-raises-15m-to-foster-decentralized-social-networking/">
            Lens Protocol raises $15m to foster decentralized social networking        </a>
    </p>




<h2 class="wp-block-heading" id="wood-says-sec-actions-negatively-affected-crypto">Wood says SEC actions negatively affected crypto</h2>



<p>Despite the legal challenges faced by<a href="https://crypto.news/learn/how-to-invest-in-cryptocurrency/"> cryptocurrency</a> startups, Wood expressed her belief that the regulatory scrutiny faced by Binance could ultimately benefit Coinbase. She emphasized that the intensified allegations against Binance might reduce the competition for Coinbase in the long run, which she considers a positive development for the company.</p>



<p>According to data from Cathie&#8217;sARK.com, ARK Invest now holds 11,440 shares of Coinbase across its ARKF, ARKK, and ARKW ETFs, making it the seventh-largest position within the firm&#8217;s portfolio, accounting for 4.39% of their holdings.</p>



<p>While Cathie Wood maintains her optimism in Coinbase&#8217;s prospects, she also criticizes the SEC&#8217;s regulatory approach, which she believes has negatively impacted cryptocurrency developers in the United States.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Cathie Wood on Binance, Coinbase Legal Woes" width="1020" height="574" src="https://www.youtube.com/embed/tfuAu0fGaII?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Wood holds a highly optimistic long-term outlook on <a href="https://crypto.news/price/bitcoin/">bitcoin</a>, emphasizing its ability to thrive in market volatility and regulatory uncertainty. She views bitcoin as a remedy for the pervasive issue of counterparty risk within the traditional financial system. Wood boldly predicted in April 2022 that BTC could reach $1 million by 2030.</p>




    <p>
        Read more:

        <a href="https://crypto.news/cathie-wood-boosts-coinbase-holdings-amid-escalating-sec-crackdown/">
            Cathie Wood boosts Coinbase holdings amid escalating SEC crackdown         </a>
    </p>

Cathie Wood invests $19.9m in Jack Dorsey’s Block

Table of Contents

crypto.news

Other articles published on Jun 9, 2023

Massive Uptrends for Solana: Insightful Analysis and Predictions

Bitcoin Magazine Founder's Advice: Withdraw Funds from Exchanges for Protection

NFT AMM Protocol sudoswap Launches V2, with New Features Like On-chain Royalties

FTSE-250 CMC Markets invests in StrikeX Technologies, cementing strategic partnership to revoluti...

US House Committee Releases Draft of New Stablecoin Bill

OKB's 20th Round of Buy-Back & Burn Program Results in Over 5 Million $OKB Tokens Burned

Join our free newsletter for daily crypto updates!