Cathie Wood’s Ark Invest has purchased around $20 million worth of Block shares, formerly Square, as the firm remains bullish on Bitcoin and Coinbase despite SEC lawsuits. Read more
Cathie Wood of Ark Invest has added more Block shares to its portfolio, signaling its confidence in the crypto-friendly technology company.
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. These shares now account for 4.81% of ARK’s holdings.
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).
Block, formerly Square, is an American multinational technology conglomerate and digital payment company founded by former Twitter CEO Jack Dorsey and Jim McKelvey in 2009.
The company recently changed its name to reflect its broader vision, which reflects its unique interest in cryptocurrencies, particularly Bitcoin.
The recent purchase of Block shares comes as Ark Invest has doubled down on its investment in the crypto exchange Coinbase after the US Securities and Exchange Exchange sued the company sending share prices to plummet.
Earlier this week, three Ark Investment Management LLC funds, including Wood’s Ark Innovation ETF, acquired 419,324 Coinbase shares. The investment management firm has been bullish on Coinbase, the largest US-based cryptocurrency exchange.
Ark Invest bought an additional $8.5 million in COIN shares on May 1 and 129,604 more for its ARK Innovation ETF. The US Securities and Exchange Commission has sued both Binance and Coinbase.
While many consider the lawsuits to have harmed the crypto firms, Wood recently told Bloomberg that the tougher charges against Binance may eventually work in Coinbase’s favor.
“We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them; therefore, we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase.”
Cathie Wood
In 2020, Wood made headlines with an infamous prediction that Bitcoin would hit $500,000 by 2030. Despite the recent crypto downturn that saw high-profile digital asset companies collapse, the investor still stands by her prediction.
In February, Wood reaffirmed that she expects Bitcoin to hit $500,000.
“Yes, we’re a little higher than that in our bearish case for 2030,” she said, noting that her bullish case is much higher.
