Cryptocurrency

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Cathie Wood Moves into Crypto-Focused Stocks

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Ark Investment Management’s ($ARKK@US) Cathie Wood has long been a Bitcoin and Ethereum bull, but she’s also in the business of diversifying her company's assets. On Tuesday, Wood bought more than 200,000 shares of Jack Dorsey’s Block Inc ($SQ@US) with a total value just shy of $20 million. Wood also purchased almost 38,000 shares of Coinbase ($COIN@US) that were worth nearly $7 million at the time of the sale. With Coinbase serving as the 2nd largest crypto marketplace after Binance, getting into this stock is a no-brainer for an investor who is curating multiple ETFs that focus on fintech, innovation, and cryptocurrencies. Currently, Ark’s Coinbase holdings total nearly $1 billion while its Block holdings total more than $700 million. At press time, Block Inc shares were trading at just under $94 with a slight increase in early trading. Meanwhile, Coinbase stock was trading at just under $177, up nearly 3% in early activity.

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