Tens of thousands of shares in the tech growth companies were purchased by Cathie Wood&#39;s Ark Invest on Monday as it carried on its purchasing binge in Coinbase and Block.After acquiring more than 182,000 shares on Friday, the company, which is well-known for its technology stock exchange-traded funds, bought an additional 32,378 shares in cryptocurrency exchange Coinbase for the Ark Innovation ETF (ARKK). Moreover, 5,347 Coinbase shares were bought for the Next Generation Internet ETF (ARKW).In contrast, the company&#39;s Fintech Innovation (ARKF) fund bought 18,555 shares of Jack Dorsey&#39;s Block after purchasing more than 288,000 shares on Friday across three of its funds.The trading activity of Ark reveals Wood&#39;s unshakeable belief in two names that have recently been the subject of unfavorable press. The Securities and Exchange Commission issued a Wells notice to Coinbase regarding its listing procedures and staking service, the company disclosed last week. It has recently been noticed by Needham analyst John Todaro that this development may call into question the exchange&#39;s business strategy.Hindenburg Research, a short seller, has a long list of complaints against Block, the payments company, including that its flagship product Cash App, which facilitates bitcoin purchases, lacked sufficient compliance measures, inflated its user base, and made crime easier. Block has considered suing Hindenburg because of their &#34;factually false and deceptive&#34; story.Given Wood&#39;s belief in cryptocurrencies following the failure of several community banks in the US, including the likes of Silvergate and Silicon Valley Bank, Ark&#39;s latest purchases shouldn&#39;t come as a surprise.In a recent video interview, Wood said: &#34;It was exciting to see bitcoin and other crypto assets increase while regional bank equities fell... just like gold.&#34;On Coinbase&#39;s kerfuffle with the SEC, she remarked, &#34;Coinbase has been prepared; they have been planning for this.&#34; I believe that this will turn into a national election issue in the interim.

Cathie Wood's Ark continues its Coinbase and Block buying spree

ItsBitcoinWorld

Alte articole publicate pe 30 mar. 2023

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