Cathie Wood Scoops Another Crypto Stock After $21 Million In Coinbase (COIN) Shares

Varinder Singh
June 8, 2023
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Cathie Wood's Ark Invest Offloads Coinbase (COIN) Shares Ahead Earnings

Cathie Wood’s Ark Invest funds purchased millions in Jack Dorsey’s payment firm Block Inc (SQ) shares, a day after grabbing Coinbase (COIN) shares worth more than $21 million.

Crypto bull Cathie Wood reiterated her bullish $1 million Bitcoin target and explained Binance and Coinbase lawsuits have many key differences. She believes regulatory hurdles Binance is facing will benefit Coinbase.

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Coinbase Buys $15 Million in Block Inc (SQ) Shares

Cathie Wood’s investment management firm Ark Invest purchased 227,365 Block Inc shares worth $15 million in anticipation of a recovery in stock price, according to transactions seen by CoinGape.

Cathie Wood’s Ark Invest purchased 177,985 SQ shares for its ARK Innovation ETF (ARKK), 29,442 SQ shares for ARK Next Generation Internet ETF (ARKW), and 19,938 SQ shares for ARK Fintech Innovation ETF (ARKF).

Ark Invest funds started buying Block Inc shares again in March. Cathie Wood continued to buy SQ shares despite the Hindenburg Research report.

SQ stock price closed 0.39% higher to $66.24 on Wednesday. The price continues to move sideways in the pre-market hours on Thursday.

On June 6, Ark Invest funds purchased a total of 419,324 Coinbase (COIN) shares worth $21 million as the price dipped below $50 after the US SEC lawsuit against Coinbase.

Cathie Wood’s Ark Invest purchased 329,773 COIN shares for its ARK Innovation ETF (ARKK), 53,885 COIN shares for ARK Next Generation Internet ETF (ARKW), and 35,666 COIN shares for ARK Fintech Innovation ETF (ARKF).

Coinbase (COIN) stock price jumped 3.20% to $53.26 on Wednesday, but currently trading 2.55% down in pre-market hours today.

Also Read: Prosecutors Track Crypto Worth Millions Belonging To Do Kwon And Terra

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Cathie Wood Bullish on Coinbase and Bitcoin

Ark Invest CEO Cathie Wood remains bullish on Bitcoin, reiterating her $1 million target price by 2030. She said US SEC lawsuits against Binance and Coinbase are different from each other. Coinbase lawsuit is only related to their staking service and some crypto that the SEC considered as securities.

Moreover, she believes Binance’s regulatory challenges in the US will benefit Coinbase. However, Coinbase has failed to capitalize on the FTX fallout, with trading volume dropping in the US crypto market.

Also Read: Bitcoin Price Prediction For The Week Amid Binance & Coinbase Saga, Dormant BTC Move

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.