Cathie Wood’s tech-focused investment firm, ARK Invest, bought nearly $18 million worth of Coinbase (COIN) shares shortly after the exchange was threatened with enforcement action from regulators on Wednesday. 

The crypto exchange, which has been targeted by the U.S. Securities and Exchange Commission (SEC) for allegedly violating federal securities laws, traded from over $84 to less than $62 on Wednesday. 

Wood scooped up 268,928 shares in the company the following day, at which time COIN closed for $66.30 apiece. That makes for a purchase of roughly $17,829,000.

By contrast, Wood dumped 160,887 shares in the firm on Tuesday for over $13 million in its first COIN sale of the year, taking profits after crypto markets and its correlated industry players surged this month.

Coinbase’s struggles against the SEC are familiar territory for Wood: her own company has repeatedly been stonewalled by the commission in its attempts to launch a Bitcoin spot ETF in the United States. Coinbase has stood by Grayscale in its attempt to launch a similar product in the past.

That wasn’t her only crypto related trade, either: Wood and ARK bought 320,557 shares of Jack Dorsey’s Block (SQ) for an estimated $19.84 million on Thursday after it experienced a similar drop amid a report from notorious short seller

Go to Source to See Full Article
Author: Andrew Throuvalas

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details