Ark Invest Adds $18M Worth of Coinbase Share Across Two Funds

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Ark Invest’s stakes in American cryptocurrency exchange Coinbase have just gone a level higher than it was a few days ago. 

In addition to all the Coinbase shares (COIN) that have been purchased since the beginning of this year, Cathie Wood’s Ark Invest has acquired about $18 million worth of the shares across two of its Exchange Traded Funds (ETFs). This may mark the beginning of another buying spree period after the investment giant sold $13 million of the stock two days ago.

Specifically, Ark Invest added 230,599 Coinbase shares to its Ark Innovation ETF (ARKK) while only 38,329 shares were added to the Ark Next Generation Internet ETF (ARKW). Altogether, at the close of the market on Thursday, these 268,928 Coinbase shares were worth $17.8 million. Two weeks ago, 353,000 shares were added across the same funds with 301,437 Coinbase shares to ARKK and 52,525 shares to ARKW.

The month of February was another buying season for the Cathie Wood investment firm. A total of 181,972 shares were added to ARKK and another 31,547 COIN shares to ARKW. Both purchases were valued at $13.2 million. Its purchase in the second week of March was regarded as a record-breaker for both entities at the time. It amounted to 30% of Coinbase stock acquisition since the beginning of this year.

Coinbase Receives Wells Notice From SEC

Noteworthy, Coinbase was being served a Wells Notice by the United States Securities and Exchange Commission (SEC) while Ark Invest was busy buying its shares. The American publicly traded company got lynched by the U.S. regulator for the legality of Coinbase Earn, Coinbase Wallet, Coinbase Prime, and some other unnamed portions of its listed digital assets.

According to Coinbase Chief Legal Officer, Paul Grewal, this notification from the SEC comes after it had tried to get the attention of the regulator as regards certain regulatory pathways.

Grewal claimed that the SEC had not responded to any of its requests. Amidst the sudden notice, the company has assured its customers that its products and services will continue to operate as normal even as it gets ready for a legal battle.

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