ARK Invest's Cathie Wood Bought Shares of Block Inc

ARK Invest’s Cathie Wood doesn’t seem to be more affected by the recent action taken by the U.S. regulator, SEC, as after Coinbase, she kept her portfolio filled with more shares of Block Inc. However, her previous share pick grabbed attention as although Coinbase was sued by the SEC, she still bought its shares.

Notably, earlier this week, the U.S. Securities and Exchange Commission (SEC) sued Coinbase for offering unregistered securities, as the regulator said. Meanwhile, due to this action, the trading volume of decentralized exchanges (DEXs) such as Uniswap, noted more volume than the centralized exchanges (CEXs).

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Because of regulatory uncertainty, innovation seems to be leaving the US for more friendly regimes. Unfortunate. I believe it will become an election-year issue. <a href=”https://t.co/PvqK9W27Fd”>https://t.co/PvqK9W27Fd</a></p>— Cathie Wood (@CathieDWood) <a href=”https://twitter.com/CathieDWood/status/1665197020238192640?ref_src=twsrc%5Etfw”>June 4, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

ARK Invest’s CEO and Her Shares Pick

The CEO of ARK Invest, Cathie Wood, filled her bag with another company’s shares in her portfolio, as shown in the Ark invest daily trades. As per the data sourced from Cathie’s ARK, Wood bought another $19.9 Million shares of Block Inc. (NYSE: SQ). This share buying was immediate after her buying of $21 Million shares of Brian Armstrong’s Coinbase.

When SEC sued Coinbase, its share price showed a bearish outlook, while at present its price marked more than 3% of upsurge. On the other hand, the share price of Block saw a sharp surge in the same period, which is currently showing over 1% of decline.

Meanwhile, the previous closing of SQ stock on June 8th, Thursday, was at $65.09, with nearly 1.70% of decline. The recent one-day performance of SQ stock may show a bearish outlook, but its weekly and monthly price performance is showing bullish sentiments. In its pre-market session on June 9th, Friday, the share price further showed little upside trend which is nearing its 100-day moving average.

Source: Ark Invest Daily Trades

As seen in the above trade chart, Wood’s firm has bought thousands of shares of SQ. While the recent share purchase by Wood from Dorsey’s firm came across six buys that were in between June 7-8, Wood’s share bucket also filled with thousands of shares of Intellia Therapeutics, Inc. (NTLA) as seen in the above chart.

According to ARK Invest Daily Trades, the company added more than 305K new shares of SQ representing the firm as Wood’s fourth largest holding at 4.81%. Moreover, Cathie Wood bought more than 419K shares of Brian Armstrong’s Coinbase, worth nearly $21.6 Million. This purchase of shares was across three buys on June 6th.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing