- They purchased 305,573 new shares
- The amount of transactions amounted to $19.9 million
- Two days earlier, Kathy Wood invested in Coinbase shares that fell in price.
ARK Invest Daily Trades in a letter to investors reported about new purchases of Block shares. They bought 305,573 new shares worth $19.9 million. Moreover, from June 7 to 8, the fund repeated buy orders 6 times (that is, they bought new shares again and again).
Block is now the fourth largest holding in ARK’s portfolio. It accounts for 4.81% of all assets.
Recall that the ARK Invest group includes 6 different funds. Block shares were bought by three divisions. ETF ARK Innovation (ARKK) bought 240,174 shares, ARK Next Generation Internet (ARKW) bought 39,099 shares. Another 26,300 denominations were purchased by ARK Fintech Innovation (ARKF).
Note that on June 6, ARK Invest made major purchases of shares of Coinbase Global Inc.
The company added 419,324 shares worth $21.6 million. The purchases occurred on a day when Coinbase quotes fell more than 20%. As we remember, on June 6, the market was stormy due to the news about the SEC lawsuit against Coinbase.
Cathy Wood (CEO of ARK Invest) stated that Coinbase has good prospects for the future. She pointed to CEO Brian Armstrong’s desire to seek regulatory clarity from the US. The business lady assesses this as a positive factor and a fact that makes her interested in the shares of this exchange.
Recently, Ark Invest said that the US risks losing the cryptocurrency race if it does not change its approach to regulation.