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Ark Invest Bought Coinbase Shares Following SEC-induced Dip: Details

Wed, 06/07/2023 - 09:30
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Godfrey Benjamin
Ark Invest, through three of its funds, has bought over $21 million worth of Coinbase shares
Ark Invest Bought Coinbase Shares Following SEC-induced Dip: Details
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The United States Securities and Exchange Commission (SEC) might have achieved its aim to file charges against the biggest trading platform in the U.S., Coinbase, but Cathie Wood's Ark Invest is also achieving its aim of acquiring the exchange's shares at a massively discounted rate. The asset management firm recently bought more COIN shares following the huge sell-off the SEC lawsuit induced.

Based on the report, three funds managed by the celebrity investor acquired a total of 400,000 COIN shares on June 6. The purchased shares were worth approximately $21.64 million, based on the stock's closing price of roughly $52 on Tuesday.

Of the three funds that were used to make the purchases, the Ark Innovation ETF stacked up the highest, with a total of 329,773 COIN shares acquired through the fund. A total of 53,885 COIN shares were stacked up by the Ark Next Generation Internet ETF, while a total of 35,666 were purchased through the Ark Fintech Innovation ETF.

Cathie Wood has remained one of the biggest supporters of Coinbase since the exchange went public via Direct Listing back in 2021. Through the exchange's thick and thin, her investment vehicles have often explored opportunities that she believes will still pay off in the long run.

Cathie Wood's Ark Increases Its Coinbase Holdings

Broad discount for crypto investors

The latest crackdown on the industry's biggest trading platforms have stirred a downward growth spiral for cryptocurrencies across the board. With liquidations following the Binance lawsuit coming in north of $296 million, investors in the industry got an ample opportunity to buy most of their assets at a discount.

The evidence of the buy-up is now very obvious on the market with visible recovery across the board. Bitcoin (BTC) has pared off its losses and is up by 4.48% to $26,934.52, per data from CoinMarketCap. Most altcoins are also regaining their feet amid the broad uncertainty on the market.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.