Cathie Woods’ tech-focused investment firm ARK Invest expanded its holdings of Coinbase shares after the stock took a blow. The reason: A massive lawsuit filed by the Securities and Exchange Commission.

Ark purchased 419,324 shares worth approximately $21.6 million at Tuesday’s closing price of $51.61 through its three exchange-traded funds: ARK’s Innovation ETF, Next Generation ETF, and Fintech Innovation ETF. In total, Ark now holds about 11,776,015 shares, making it the second largest owner of Coinbase shares after Vanguard Group.

This is not be the first time that Wood has scooped up Coinbase shares amid its long-running feud with the SEC. In March, Wood’s funds bought nearly $18 million worth of Coinbase shares after it received a Wells Notice from the SEC, a precursor to the lawsuit filed on Tuesday.

Coinbase’s struggles with the SEC have, in some ways, run parallel to Wood’s own interactions with the regulator.

In March, Wood filed a third application with the SEC to launch a Bitcoin spot ETF after two previous attempts were rejected. To date, the SEC has approved Go to Source to See Full Article
Author: Nicholas Morgan

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