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Cathie Wood's ARK Invest buys Coinbase shares again

For the second day in a row, the fund is profiting from the recent price correction and is buying more Coinbase and Block shares.

By Mike Hesp
• 2 min read
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Cathie Wood's ARK Invest buys Coinbase shares again

For the second day in a row, the investment fund is profiting from the recent price correction and is buying more Coinbase and Block shares.

According to reports, ARK Invest, the Cathie Wood-led investment fund, bought more shares of the crypto exchange Coinbase. The report says ARK bought shares on Friday for about $12.6 million.

On Thursday they had already bought COIN shares for about $17.8 million. The fund thus added shares for a second straight day, benefiting from the stock's recent pullback from a monthly high of $84 to $67.

The decline was prompted by threats against Coinbase from the U.S. Securities and Exchange Commission (SEC). Last Wednesday the crypto exchange received a so-called "Wells Notice" from the SEC, warning of potential legal action against its in-house staking products.

ARK also bought more Block (SQ) shares, the company founded by Twitter's Jack Dorsey. Here too they took advantage of the 17% drop to acquire $18.1 million worth of shares.

SQ's stock fell on the back of a negative report from short seller Hindenburg Research. Recently there were also reports of a quarterly loss at the payments-focused company.

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