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.
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 $66.24on 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.
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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