ARK Investment buys Coinbase shares worth $8.6M
Ark Invest Management has acquired over 157,000 Coinbase (COIN) shares for $8.6 million.
Investment fund purchases come amid a series of poor price performances for stocks on exchanges. According to Tradingview data, COIN is down 15% in the last 30 days and 23% in the last 5 days.
The stock is up 0.84% over the past 24 hours and is trading at $54.59 at the time of writing.
Meanwhile, the value of COIN, which has risen by over 50% on a year-to-date basis, is still down 51% over the last 12 months.
Kathy Wood is Bullish on Coinbase Stocks
according to Cathy Sark, the ARK Innovation ETF purchased 122,080 shares of Coinbase shares and the ARK Next Generation Internet ETF purchased 20,320 shares. The ARK Fintech Innovation ETF also acquired his 14,600 shares in the US-based exchange.
Meanwhile, this is the second time the investment fund has purchased Coinbase shares this month. On April 5, the investment fund his manager bought 147,250 shares in his three trades.
Kathy Wood’s investment fund has also taken a bullish stance on Coinbase despite the current regulatory uncertainty. In March, the investment fund purchased shares of Coinbase after receiving a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
Coinbase’s regulatory struggle
Meanwhile, the recent purchase came a day after the exchange filed a lawsuit to force the SEC to lead the crypto industry in its formal rule-making process.
Coinbase Chief Legal Officer Paul Grewal wrote:
“Regulatory clarity has lagged behind in our industry. We have not, but we are facing potential regulatory enforcement action from the SEC.”
The post of ARK Investments buying $8.6 million worth of Coinbase stock first appeared on CryptoSlate.