ARK Invest Scoops Up Coinbase, Block Shares for Second Straight Day
Cathy Wood's ARK Invest 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