Cathie Wood’s tech-focused investment firm, ARK Invest, made a series of trades shortly after Coinbase and Block were threatened with enforcement action from regulators.
The crypto exchange, Coinbase, saw its stock tumble from above $84 to under $62 on Wednesday. Wood took advantage of the dip and purchased close to $18 million worth of shares the following day.
The move came after Wood sold off 160,887 shares for over $13 million on Tuesday. Coinbase has been in the crosshairs of the U.S. Securities and Exchange Commission (SEC) for allegedly violating federal securities laws.
This isn’t the first time Wood has dealt with the SEC: her own company has attempted to launch a Bitcoin spot ETF in the United States, and has been blocked from doing so. Coinbase has previously backed Grayscale in their bid to launch a similar product.
Wood also bought 320,557 shares of Jack Dorsey’s Block (SQ) for an estimated $19.84 million on Thursday. This was after the company suffered a similar drop due to a report from short seller Hindenburg Research, which included accusations of fraud and predatory practices. Block has refuted the claims and said they will take legal action against Hindenburg Research.
ARK Invest also sold off 139,642 Tesla shares worth close to $27 million on Thursday. Musk, Wood, and Dorsey have discussed Bitcoin at length this year, and released a joint report on the environmental benefits of mining Bitcoin. Wood is also a Bitcoin bull, predicting it will rise to $1 million in the long-term.