CEO Cathie Wood’s Ark Invest is known as an investment firm with a great appetite for companies within the tech industry that carry great promise. In that respect, it is not surprising that Ark Invest invests heavily in companies such as Coinbase and Block. Last week it hit again and bought shares in both companies on both Thursday and Friday.
In any case, this shows that Cathie Wood and her army of analysts are not fazed by the problems at Coinbase and Block. The former Coinbase received a Wells notice from the SEC, which means that the American financial regulator is considering suing the exchange platform.
The subject of the lawsuit would include Coinbase’s staking program, which the SEC believes does not fully comply with the rules. As a result, shares of the trading platform fell 16 percent.
On Friday, Coinbase was doing better again and there was a 1.5 percent increase on the boards for the exchange platform’s share. Incidentally, Block also had a tough week, because short seller Hindenburg Research released a very negative report about the company.
Ark Invest buys for millions
That apparently didn’t bother Ark Invest, because on Friday it bought $ 12.6 million shares of Coinbase and $ 18.1 million shares of Block. Unlike Coinbase, Block was unable to close with a plus last week.
Shares of Block van also fell 1.2 percent on Friday. Block is the company of Jack Dorsey, who was also the founder of Twitter and a huge supporter of Bitcoin.
Block is originally a payment company, but for some time now almost the entire focus of the company has been on Bitcoin. Ultimately, only time will tell whether that was a good decision by the management of the billion-dollar company.