Cathie Wood-led ARK Investment Management bought a whopping stake in Coinbase on Tuesday – a day when the stock tanked over 12% in the aftermath of the Securities and Exchange Commission (SEC) suing the company in a federal court.
Funds operated by ARK bought over 419,000 shares at an estimated valuation of over $21.6 million based on Tuesday's closing price. The purchase was done via the ARK Innovation ETF ARKK, the ARK Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.
According to the SEC's complaint, since at least 2019, Coinbase has made billions of dollars “unlawfully” facilitating the buying and selling of crypto asset securities and it intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the regulator.
Funds operated by ARK bought over 419,000 shares at an estimated valuation of over $21.6 million based on Tuesday's closing price. The purchase was done via the ARK Innovation ETF ARKK, the ARK Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.
According to the SEC's complaint, since at least 2019, Coinbase has made billions of dollars “unlawfully” facilitating the buying and selling of crypto asset securities and it intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the regulator.
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