On Thursday and Friday of last week, Cathy Wood’s fund purchased COIN and SQ after Coinbase dropped following the issuance of a Wells Notice and Block fell because of a short-sellers report.
After Coinbase (COIN) got a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on March 22, which caused COIN to drop 16% the following day, Cathy Wood’s ARK Invest bought $12.6 million worth of shares of the cryptocurrency exchange on Friday. This was the fund’s second straight day of purchasing COIN stock. On Friday, the shares increased 1.5% to $67.83 per share.
Cathie Wood and Ark Invest's trade activity from today 3/23 pic.twitter.com/yyubxTegZj
— Ark Invest Daily (@ArkkDaily) March 24, 2023
155,833 shares flowed to ARK Innovation EFT (ARKK), and 26,395 shares flowed to ARK Next Generation Internet EFT (ARKW), according to an email sent on Friday night, U.S. time.
A total of $18.1 million worth of Block (SQ) shares were also purchased by ARK on Friday, the fund’s second day of purchases following the stock’s 17% decline on March 23 as a result of a negative report by a short seller named Hindenburg Research.