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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.
Updated Mar 27, 2023, 11:19 p.m. Published Mar 27, 2023, 3:07 a.m.
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).
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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
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