CDS Crypto News Ark Invest Purchases $22 Million in Coinbase Shares Just After Coinbase’s Price Plummeted
Crypto News

Ark Invest Purchases $22 Million in Coinbase Shares Just After Coinbase’s Price Plummeted

Cathie Wood's Ark Invest purchases $22 million worth of Coinbase shares.

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Ark Invest Purchases $22 Million in Coinbase Shares Just After Coinbase's Price Plummeted

After Coinbase’s stock suffered a setback, Cathie Wood‘s tech-focused investment company, ARK Invest, increased its ownership of the company. The drop’s cause is a significant lawsuit the Securities and Exchange Commission filed against Coinbase.

Ark Invest Purchases $22 Million in Coinbase Shares Just After Coinbase’s Price Plummeted

Through its three exchange-traded funds, Ark purchased 419,324 shares at Tuesday’s closing price of $51.61 for almost $21.6 million. After Vanguard Group, Ark is currently the second-largest owner of Coinbase shares, with a total holding of about 11,776,015 shares.

Wood has Seized the Opportunity Before

In the midst of its protracted legal dispute with the SEC, Wood has purchased Coinbase shares previously. After receiving a Wells Notice from the SEC in March—the forerunner to the complaint filed on Tuesday—Wood’s funds invested approximately $18 million in Coinbase shares.

Wood’s Problems Are Similar to Coinbase’s

In some ways, Wood’s encounters with the SEC and Coinbase’s issues with the agency are similar. After her first two attempts to launch a Bitcoin spot ETF was denied, Wood submitted a third application to the SEC in March. Four Bitcoin futures ETFs that provide shares to investors without requiring direct ownership of Bitcoin itself have received SEC approval as of this writing, but none are for the spot market.

About Ark Invest

A number of actively managed exchange-traded funds (ETFs) are managed by the American investment management company ARK Investment Management LLC, which has its headquarters in St. Petersburg, Florida. In 2014, Cathie Wood started the company.

Sources:decrypt
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