- Cathie thinks that Coinbase will gain from Binance’s regulatory problems.
- Ark Invest led by Cathie paid $15 million to acquire 227,365 shares.
A day after purchasing over $21 million in Coinbase (COIN) shares, Cathie Wood’s Ark Invest acquired millions in shares of Jack Dorsey’s payment business Block Inc (SQ). Cathie Wood, a self-described “crypto bull,” recently discussed the contrasts between the Binance and Coinbase cases and reaffirmed her $1 million Bitcoin price estimate. She thinks that Coinbase will gain from Binance’s regulatory problems.
According to transactions, Cathie Wood’s investment management business Ark Invest paid $15 million to acquire 227,365 shares of Block Inc.
Ark Invest, run by Cathie Wood, has bought a total of 177,985 shares of Square to add to its ARK Innovation ETF (ARKK), 29,442 Square shares to add to its ARK Next Generation Internet ETF (ARKW), and 19,938 Square shares to add to its ARK Fintech Innovation ETF (ARKF).
Cathie Backs Coinbase
In March, Ark Invest funds resumed purchasing stock in Block Inc. Cathie Wood kept on buying SQ stock despite the report from Hindenburg Research. SQ stock ended the day Wednesday at $66.24, up $0.39 (or 0.39%). In Thursday’s pre-market hours, the price remains flat.
Following the US SEC lawsuit against Coinbase, the price of Coinbase (COIN) shares dropped below $50 on June 6. Ark Invest funds bought a total of 419,324 Coinbase (COIN) shares for $21 million on that day. Ark Invest, run by Cathie Wood, has bought a total of 329,773 COIN shares for its three ETFs.
Cathie Wood, CEO of Ark Invest, is unwavering in her belief that Bitcoin will reach $1 million by 2030. She differentiated between the US SEC litigation against Binance and Coinbase. The SEC categorized certain cryptocurrencies as securities, therefore the action against Coinbase solely applies to its staking service.
She also thinks Coinbase would gain from Binance’s regulatory issues in the US. Despite the consequences of FTX, Coinbase has not been able to boost trade volume in the US cryptocurrency market.