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Cathie Wood's ARK Buys $9.2M Coinbase Shares First Time in Almost a Month
COIN is down 20% during the last week after a record-breaking rally in January, when it rose nearly 95%.
Cathie Wood is back to buying shares of Coinbase (COIN) for her company's exchange-traded funds after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.
ARK’s last purchase of COIN was in mid-January, when it bought $3.3 million worth of shares of the exchange.
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The $9.2 million buy comes as U.S. regulators increased their scrutiny of the digital assets industry. While the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken, questions remain if it might come after it in a second enforcement blitz.
A Wall Street Journal report from early Monday said that Paxos is the latest target of the SEC’s enforcement campaign over its Binance USD (BUSD) token.
ARK’s Innovation ETF (ARKK) is up 28% year to date, while the ARK Fintech Innovation ETF (ARKF) is up 25% so far this year.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
