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Cathie Wood's ARK Buys $21.6M Coinbase Shares as SEC Suit Sends Stock Tumbling
The purchase took ARK Invest's total Coinbase holdings to 11.44 million shares.
Cathie Wood’s Ark Investment Management, the second-largest holder of Coinbase Global (COIN) stock, doubled down on its investment in the crypto exchange after the U.S. Securities and Exchange Exchange sued the only publicly traded crypto exchange sending share prices tumbling.
ARK bought 419,324 shares of Coinbase, worth around $21.6 million based on Tuesday's closing price of $51.61. The buy was split across ARK's Innovation ETF (NYSE:ARKK), the Next Generation Internet ETF (NYSE:ARKW), and the Fintech Innovation ETF (NYSE:ARKF).
STORY CONTINUES BELOW
The purchase, the first since May 3, took Ark’s total Coinbase holdings to 11.44 million shares, valuing the position at around $590 million.
The SEC sued Coinbase on allegations of violating federal securities law just one day after filing a similar suit against Binance. According to the SEC, Coinbase acted as a broker, exchange and clearing agency simultaneously without registering as any such organization.
Coinbase's stock was down over 12% at the end of U.S. trading hours on Tuesday. Year-to-date, COIN is still up over 50%.
Read more: SEC Sues Coinbase on Unregistered Securities Exchange Allegations
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
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.
