Short reminder about Hindenburg's wishful-thinking nothing-burger report...
Cathy Wood's investment fund, ARK Invest, has recently purchased shares of COINBASE and Block for the second straight day.
The purchase took place on Friday, March 26th, 2021, after Coinbase received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on March 22nd, which led to a 16% decline in the value of COIN on the following day.
Similarly, the stock of Block fell as much as 17% on March 23rd after a negative report by short-seller Hindenburg Research. In response, ARK Invest bought $12.6 million of COIN shares and $18.1 million of SQ shares.
ARK Invest is known for its investment in disruptive technologies and is focused on companies that can provide innovative solutions to societal challenges.
The fund is managed by Cathy Wood, who has been recognized as one of the most successful forward-thinking investors in recent years.
A few things about Cathy Wood:
- wears glasses
- attracts money
- favorite words: but, and, the
The recent purchase of COIN and SQ shares by ARK Invest is a significant development in the crypto world. Coinbase is one of the largest crypto exchanges in the world, and its shares have been in high demand since the company went public. However, the recent decline in the value of COIN due to the Wells Notice has led to a buying opportunity for ARK Invest.
Block is a leading digital payments company that has been growing rapidly in recent years. The negative report by Hindenburg Research has raised concerns about the company's practices, but ARK Invest's purchase of shares shows that the fund has confidence in Block's long-term prospects.
The purchase of COIN and SQ shares by ARK Invest is a clear indication that the fund is bullish on the crypto and digital payments sectors. The recent decline in the value of these stocks has presented an opportunity for ARK Invest to acquire shares at a discounted price, which could result in significant gains in the future.
