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ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day
Cathie Wood's fund bought COIN and SQ on Thursday and Friday last week after Coinbase tumbled on getting hit with a Wells Notice and Block took a hit following a short-seller's report.
Cathie Wood's ARK Invest exchange-traded funds (ETF) bought $12.6 million of Coinbase (COIN) shares on Friday, the second straight day the fund bought the crypto exchange's stock after the company received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on March 22, sending COIN tumbling 16% the next day. The shares gained 1.5% on Friday to close at $67.83 apiece.
According to an email sent Friday night U.S. time, 155,833 shares went to ARK Innovation EFT (ARKK), and 26,395 shares went to ARK Next Generation Internet EFT (ARKW).
Read more: ARK Uses 'Wells Dip' to Stock Up Again on Coinbase Shares, Two Days After Selling
ARK also bought $18.1 million of Block (SQ) shares on Friday, the fund's second day of buying the shares after the stock fell as much as 17% on March 23 after a negative report by short seller Hindenburg Research. Block shares closed down 1.2% on Friday at $60.88 apiece.
Read more: Jack Dorsey's Block Tumbles 17% After Short-Seller Hindenburg's Report
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
