Block Inc. has received a significant investment from ARK Invest totaling $19.9 million. Just hours after investing $21 million in Coinbase stock, the investor increased its stake in the firm.
Block Inc. is the most recent recipient of her shopping excursion.

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As a result of the Securities and Exchange Commission (SEC) lawsuit, Coinbase's stock has experienced a significant decline, whereas Block Inc.'s shares have surged, making it an attractive investment for Wood and ARK Invest.
ARK Invest owns a 4.81 percent stake in Block Inc., which was acquired in six discrete transactions between June 7 and 8. This investment has become ARK Invest's fourth-largest position, demonstrating Wood's confidence in the company's future development.
The extra shares acquired by ARK Invest were allocated to various ETFs. To be more precise, 240,174 shares were added to the ARK Innovation (ARKK) ETF, 39,099 shares were added to the ARK Next Generation Internet (ARKW) ETF, and 26,300 shares were added to the ARK Fintech Innovation (ARKF) ETF.

Wood asserts that SEC actions harmed crypto

Despite the legal obstacles encountered by cryptocurrency entrepreneurs, Wood opined that Coinbase could ultimately benefit from the regulatory scrutiny faced by Binance. She emphasized that the intensified allegations against Binance may reduce Coinbase's long-term competition, which she views as a positive development for the company.

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According to data from Cathie'sARK.com, ARK Invest now holds 11,440 Coinbase shares across its ARKF, ARKK, and ARKW ETFs, making it the seventh-largest position in the firm's portfolio and accounting for 4.39 percent of their holdings.

While Cathie Wood remains optimistic about the future of Coinbase, she criticizes the SEC's regulatory approach, which she believes has had a negative impact on cryptocurrency developers in the United States.

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Wood has an extremely optimistic long-term outlook on bitcoin, emphasizing its ability to flourish in volatile markets and regulatory ambiguity. She regards bitcoin as a solution to the ubiquitous problem of counterparty risk in the conventional financial system. Wood brazenly prophesied in April 2022 that Bitcoin's value would reach $1 million by 2030.