Ark’s flagship exchange traded fund, Ark Innovation ETF (ARKK), purchased 50,858 shares in Block, according to an update from the fund manager’s trading desk on Friday.

Cathie Wood's Ark Investment has raised more than $16 million for two new private crypto funds as digital assets resume rally despite increasing regulatory pressure.

Cathie Wood's Ark Invest purchased shares in Jack Dorsey's Block for the third day.

Cathie Wood's Ark Investment has raised more than $16 million for two new private crypto funds as digital assets resume rally despite increasing regulatory pressure.

Amid all the chaos around multiple bank runs in the United States, Cathie Wood, CEO of asset management firm Ark Invest, said cryptocurrencies acted as safe haven amid the ongoing banking crisis in the US. She blamed the recent downfall of the likes of Silicon Valley Bank (SVB), Signature and others on the Fed’s policy failure. 

SHIB prices were down 10% in the past 24 hours, data shows.

Cathie Wood, the founder and CEO of ARK Invest, wrote on Twitter:"Crypto did not force SVB and Signature into bankruptcy. In my view, Fed policy was the primary culprit. Because of a VC funding drought and higher yields on money market funds, deposits left the US banking system." 

Because of a VC funding drought and higher yields on money market funds, deposits left the US banking system.

Ark Invest, Cathie Wood's investment management firm, added 186,284 Block shares to three funds on Tuesday. The purchases were estimated at around $13.7 million.

Cathie Wood, the founder of ARK Invest, an American investment management firm that invests in disruptive technologies, including exposure to cryptocurrencies, thinks the current banking crisis in the United States was inevitable.