ARK Invest, the investment management firm founded by legendary investor Cathie Wood, has celebrated International Workers’ Day by buying shares of cryptocurrency exchange Coinbase.
ARK Invest Bought 8M$ Worth of Coinbase Shares
To celebrate International Workers’ Day, ARK Invest, an investment management company founded by the renowned investor Cathie Wood, has invested in Coinbase, a cryptocurrency exchange.
As per an investor notification obtained by Cointelegraph, on May 1, ARK purchased 129,604 Coinbase shares for its ARK Innovation ETF, 23,456 shares for its ARK Next Generation Internet ETF, and 15,809 shares for its Fintech Innovation ETF, making a total of 168,869 shares worth approximately $8.5 million.
This purchase represents almost half of the total shares acquired by ARK last month, which amounted to 304,300 shares valued at $17.5 million. In March, ARK purchased 2.4 million Coinbase shares for roughly $117 million.
Despite another wave of decline in Coinbase’s stock, with a 6.8% drop on Monday following news of a new lawsuit alleging privacy violations by the exchange, ARK’s recent investments remain noteworthy.
Over the past month, Coinbase shares plummeted more than 20%, dropping from a high of nearly $72 in April to $50.1 on Monday, according to data from TradingView.
The sharp decline in Coinbase’s stock price came amid ongoing action against Coinbase by the United States Securities and Exchange Commission (SEC).
On March 22, the securities regulator sent Coinbase a Wells notice, suggesting enforcement action against the exchange. In response, Coinbase filed a motion against the SEC on April 25, asking the regulator to answer 50 questions concerning the regulatory treatment of certain digital assets.
About Ark Invest
Ark Invest is an investment management firm founded by Cathie Wood in 2014. The firm is known for its focus on investing in disruptive technologies and innovative companies, with a long-term investment horizon. Ark Invest manages several exchange-traded funds (ETFs) that invest in areas such as genomics, autonomous vehicles, robotics, fintech, and space exploration.
Cathie Wood is the CEO and chief investment officer of Ark Invest, and she has become a well-known figure in the investment world due to her successful bets on companies like Tesla and Bitcoin. Ark Invest’s investment approach is based on a belief in the power of technological innovation to drive long-term economic growth and create new opportunities for investors.
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