Ark Invest buys $30 million worth of Coinbase shares on SEC filing date

Bought a lot of Coinbase stocks

Major US hedge fund ARK Invest (hereinafter referred to as ARK) purchased additional Coinbase shares worth 3 billion yen ($21.6 million) on the 6th, when the US Securities and Exchange Commission (SEC) announced the lawsuit. was revealed in the transaction disclosure.

ARK is a major investment fund established in 2014. Actively investing in tech companies and blockchain companies, founder and CEO Cathy Wood has a bullish attitude toward crypto assets (virtual currency), such as professing the prediction that Bitcoin will reach $ 1 million. It is

The stock price of Coinbase (COIN) fell 11.4% at the closing price on the 6th. ARK has invested approximately 330,000 shares ($17 million) in its flagship Ark Innovation ETF and approximately 89,600 shares ($4.6 million) in two other small funds (Ark Next Generation Internet ETF and Ark Fintech Innovation ETF). Purchased.

According to Bloomberg, ARK is the fourth largest holder of Coinbase shares. This is not the first time ARK has made additional purchases when Coinbase shares have fallen. When Coinbase shares fell 8% following the collapse of cryptocurrency-focused Silvergate Bank in March, it bought more than 350,000 shares worth about ¥2.8 billion ($20 million).

connection:Ark Invest Raises $16 Million in New Crypto Fund

Mr. Wood’s logic

In an interview with Bloomberg on the 8th, ARK CEO Wood noted the differences between Coinbase and Binance’s lawsuits, suggesting that the outcome would ultimately benefit Coinbase.

Wood emphasized that while Binance has been sued for “more criminal activity” such as fraud, which is a serious one, Coinbase’s case falls under the category of securities law violations, and the content of the lawsuit is very different. He said that Binance faces greater headwinds and Coinbase’s “no rivalry” is good for Coinbase in the long run.

He also noted that it was “interesting” that the SEC filed a lawsuit against Coinbase the day after it filed a lawsuit against Binance. strongly criticized the handling of

connection:SEC calls for freeze of Binance US assets

bullish on bitcoin

Wood remains bullish on Bitcoin.

“With increasing uncertainty and volatility in the global economy, confidence in Bitcoin will increase,” he said in an interview. “Bitcoin provides a safeguard against counterparty risk in the traditional financial system,” he explained, citing a transparent record on the blockchain.

He also appears to be bullish on artificial intelligence (AI) technology. “AI will be the greatest catalyst for innovation,” he said, arguing that AI will accelerate other innovations such as blockchain technology, robotics and energy storage.

connection:2023, where we can expect technology fields such as AI ── US ARK Invest

Article provided by: THE BLOCK

What is THE BLOCK

To be the “first and last word” in Crypto.
The Block delivers the highest quality, most important signals in Crypto. Every day, we reach the most influential people in our industry through our website, newsletter, podcasts and events.