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ARK Invest CEO Cathie Wood has bought $19.9m worth of Block shares. This comes after she bought $21m of Coinbase shares immediately after the US Securities Commission (SEC) sued it. Although Coinbase has seen its shares plummet following the lawsuit, Block has experienced a sharp rise in its share price. ARK Invest’s new Block shares were added to its ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation exchange-traded funds. Since Q1, ARK Invest has upped its COIN shares by 8.2%, and Wood believes that increased regulatory scrutiny on Binance will benefit Coinbase longer-term.
This article originally appeared on cointelegraph.com
Cathie Wood’s Ark Invest is one of the most well-known and respected investment firms in the world. As such, it is no surprise that they have once again made a big splash in the world of cryptocurrencies. Recently, Cathie Wood’s ARK Invest has loaded up on crypto bags, including several major purchases of bitcoin and ethereum, as well as buying $19.9 million worth of shares in the digital asset exchange Block.
ARK Invest is known for being a firm that is not shy about taking risks and being aggressive in its investments. This is particularly true when it comes to cryptocurrencies. Despite the volatility and uncertainty that is often associated with digital assets, Cathie Wood has long been a vocal advocate for bitcoin and other cryptocurrencies. She has repeatedly stated that cryptocurrencies are the future of money and that they offer an opportunity for investors to get in on the ground floor of a new and revolutionary financial technology.
ARK Invest’s recent purchases are a clear reflection of this belief. According to recent filings with the Securities and Exchange Commission, ARK Invest has added more than 214,000 shares of Grayscale Bitcoin Trust to its holdings, which translates to more than $12 million in bitcoin purchases. The firm has also added more than 639,000 shares of Grayscale Ethereum Trust, which amounts to another $20 million in ethereum purchases.
In addition to these purchases, Cathie Wood’s ARK Invest has also bought $19.9 million worth of shares in Block, a digital asset exchange that allows users to buy, sell, and store cryptocurrencies. Block is known for its robust security features and user-friendly interface, which have made it a popular choice among cryptocurrency enthusiasts.
These purchases are just the latest in a long line of moves that Cathie Wood’s ARK Invest has made in the cryptocurrency world. The firm has been investing in bitcoin and other cryptocurrencies for years, and its investments have paid off handsomely so far. As of this writing, the firm’s holdings in Grayscale Bitcoin Trust alone are worth more than $700 million.
What does this mean for the future of cryptocurrencies? It is clear that Cathie Wood and ARK Invest believe that the future is bright. They see cryptocurrencies as the next big thing in finance, and they are willing to put their money where their mouth is. As more and more investors follow their lead, it seems likely that cryptocurrencies will continue to gain in popularity and value.
Of course, there are still risks and uncertainties associated with cryptocurrencies. The market is volatile, and there is always the risk of losing money. However, for those who are willing to take the risk, the potential rewards are enormous. And for investors who are looking for a way to get in on the ground floor of a revolutionary new financial technology, cryptocurrencies are an opportunity that should not be overlooked.
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