Ark ETFs resume buying Coinbase shares with $18 million purchase
Quick Take
- Cathie Wood’s Ark funds resume buying Coinbase shares. Across two funds, Ark bought almost $18 million in Coinbase stock.
- The buy comes just days after Ark ended a months-long Coinbase buying spree by divesting $13 million in the company’s shares.
Cathie Wood's Ark ETFs bought almost $18 million in Coinbase shares just days after the funds ended a months-long buying spree by divesting $13 million in the company's stock.
The Ark Innovation ETF added 230,599 Coinbase shares on March 23, while Ark Next Generation Internet ETF added 38,329 shares. At market's close, the trades were worth $17.8 million.
Coinbase took a battering on Thursday, with its shares down more than 14% at the close of trading. The company has faced its share of travails this week, with its share price tumbling after the U.S. Securities and Exchange Commission issued it a warning — known as a Wells notice — over its staking service, Coinbase Earn and Coinbase Wallet.
Earlier in the day, Coinbase CEO Brian Armstrong took to a Twitter live chat to object to the SEC's action. "In a way we're happy to go to court," The Block previously reported, "if that's what it takes to finally get some case law developed for this industry."
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