ARK buys $19.9M Block shares and invests in crypto.

The CEO of ARK Invest, Cathie Wood, has purchased $19.9 million worth of shares in Block Inc., despite recent regulatory action in the crypto industry. This comes after she bought $21 million in Coinbase stock. The United States Securities and Exchange Commission has sued two of the industry’s exchange giants, Binance and Coinbase, for offering what they consider to be unregistered securities. Despite Coinbase’s share price dropping after the lawsuit, Block Inc.’s shares rose sharply. ARK Invest now holds 305,573 new shares of Block Inc. across six buys, making it their fourth largest holding at 4.81%. Of the new shares, 240,174 were added to ARK Innovation (ARKK) ETF, 39,099 to ARK Next Generation Internet (ARKW), and the remaining 26,300 to ARK Fintech Innovation (ARKF). ARK Invest also bought 419,324 shares of Coinbase worth $21.6 million across three buys on June 6. Since Q1, ARK Invest has increased its number of COIN shares by 8.2%. Wood believes that the SEC’s regulation by enforcement approach has taken a toll on cryptocurrency innovators in the U.S., and that Bitcoin will thrive during times of market turbulence and regulatory uncertainty. In April 2022, Wood predicted that Bitcoin would reach $1 million by 2030.