Cathie Wood-LED ARK Investment Management bought over 168,000 shares of the cryptocurrency exchange platform Coinbase Global Inc COIN at an estimated valuation of over $8.4 million based on Monday’s closing price.
What happened: The purchase was made through the flagship ARK Innovation ETF ARKKThe ARK Next Generation Internet ETF ARKW and the ARK Fintech Innovation ETF ARKF. The stake increase occurs on a day when the stock lost over 6%. The company’s shares are down over 21% over the past month.
Also read: How to buy Coinbase (COIN) shares
The Securities and Exchange Commission‘S Wells noteidentifying potential securities law violations by Coinbase has increased tensions between the two parties.
Last week, Coinbase reiterated to the SEC its view that it did not break any securities laws in its formal response to a legal threat received from the regulator. In a lengthy response to the SEC’s March Wells Notice, which indicated the regulator’s intent to pursue enforcement action, Coinbase warned that it would be “a well-equipped adversary who will inevitably be motivated to exhaust any avenues.”
On Monday, the company released a survey of institutional investors showing that both current and potential crypto investors firmly believe the US lacks clear rules governing digital assets.
Coinbase said that 78% of the institutional investors surveyed want clarity from regulators on how digital assets are classified or treated, while 90% of respondents plan to maintain or increase their current level of digital assets over the next year.
Main sale: ARK sold over 303,000 shares of DraftKings Inc DKNG on Monday at an estimated value of over $6.8 million.