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- Cathie believes Coinbase will benefit from Binance’s regulatory challenges.
- Ark Invest, led by Cathie Wood, spent $15 million to acquire 227,365 shares.
Following a purchase of over $21 million in Coinbase (COIN) shares the previous day, Cathie Wood’s Ark Invest acquired millions in shares of Jack Dorsey’s payment company Block Inc (SQ). Cathie Wood, who describes herself as a “crypto bull,” recently compared the regulatory situations of Binance and Coinbase and reiterated her $1 million Bitcoin price target. She believes Coinbase stands to gain from Binance’s regulatory difficulties.
Transaction records show that Ark Invest, Cathie Wood’s investment management firm, paid $15 million to purchase 227,365 shares of Block Inc.
Ark Invest, managed by Cathie Wood, has purchased a total of 177,985 shares of Square to add to its ARK Innovation ETF (ARKK), 29,442 Square shares for its ARK Next Generation Internet ETF (ARKW), and 19,938 Square shares for its ARK Fintech Innovation ETF (ARKF).
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Ark Invest funds resumed buying Block Inc. stock in March. Cathie Wood continued to purchase SQ stock despite reports from Hindenburg Research. SQ stock closed at $66.24 on Wednesday, up $0.39 (0.39%). The price remained flat during Thursday’s pre-market trading.
After the US SEC filed a lawsuit against Coinbase, Coinbase (COIN) shares fell below $50 on June 6. On that day, Ark Invest funds purchased a total of 419,324 Coinbase (COIN) shares for $21 million. Ark Invest, run by Cathie Wood, has bought a total of 329,773 COIN shares across its three ETFs.
Cathie Wood, CEO of Ark Invest, remains confident that Bitcoin will reach $1 million by 2030. She distinguished between the US SEC litigation against Binance and Coinbase. The SEC classified certain cryptocurrencies as securities, meaning the action against Coinbase applies only to its staking service.
She also believes Coinbase will benefit from Binance’s regulatory issues in the US. Despite the fallout from FTX, Coinbase has not been able to increase trading volume in the US cryptocurrency market.
