Last Updated on June 7, 2023 by Bitfinsider
The investment firm of Cathie Wood, Ark Invest, purchased additional Coinbase shares on Tuesday, the same day that the crypto exchange operator was sued by the United States Securities and Exchange Commission, precipitating a precipitous decline in its stock price.
Ark’s flagship exchange-traded fund, Ark Innovation ETF, acquired 329,773 Coinbase shares on Tuesday, as reported by the trading division of the fund manager. Ark Next Generation Internet ETF and Ark Fintech Innovation ETF both acquired shares. The total value of the purchases was $21.64 million, based on Tuesday’s closing price of approximately $52 per share.
As a result of the SEC lawsuit, Coinbase’s stock price has dropped as much as 21% before closing down 12%. Tuesday, the SEC alleged that the exchange violated regulations by permitting users to trade a large number of tokens that were not registered as securities. Coinbase responded that it would appeal to the Supreme Court in the legal dispute.
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