Cathie Wood’s ARK Invest Accumulates More Coinbase Stock (COIN) As Crypto Exchange Goes Against SEC
Cathie Wood’s ARK Invest added more than 157,000 Coinbase (COIN) shares this week as the top US crypto exchange goes on the offensive against the U.S. Securities and Exchange Commission (SEC).
On Monday, three of ARK Invest’s funds made separate purchases of COIN shares worth a combined $6.98 million at time of writing.
Coinbase shares currently make up 4.74% of ARK’s combined portfolio. The three funds’ estimated cost averages for COIN are $239.60, $254.65, and $242, all of which are far greater than Coinbase’s current share price, which currently sits at $56.86.
The purchases come as Coinbase filed a motion in court to compel the SEC to respond to an earlier petition from the company requesting guidance for the digital asset industry. The exchange first submitted the petition for rulemaking last July but has yet to hear a “yes” or “no” answer on it from the regulator.
Last month, the SEC sent a Wells Notice to Coinbase that stated the regulator had made a “preliminary determination” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
Wood, ARK’s chief executive, remains bullish on Bitcoin (BTC) despite 2022’s crypto winter, predicting earlier this year that the top crypto asset will soar by more than 2,000% within seven years.
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