Ark Invest Management has acquired over 157,000 Coinbase (COIN) shares for $8.6 million — its second buy order after selling in March. The investment fund’s purchase is amid a string of poor price performance for the exchange’s stock. Tradingview data shows COIN fell...
Ark Invest Management has acquired over 157,000 Coinbase (COIN) shares for $8.6 million — its second buy order after selling in March.
The investment fund’s purchase is amid a string of poor price performance for the exchange’s stock. Tradingview data shows COIN fell 15% over the last 30 days and 23% in the previous five days.
The stock is up 0.84% in the previous 24 hours and is trading for $54.59 as of press time.
Cathie Wood is bullish on Coinbase stock
Meanwhile, this is the second time the investment fund will purchase Coinbase’s stock this month. On April 5, the investment fund manager purchased 147,250 shares in three transactions.
Coinbase regulatory struggles
Meanwhile, the recent purchase comes a day after the exchange filed a legal action to compel the SEC to guide the crypto industry with its formal rulemaking process.
“Regulatory clarity is overdue for our industry. Yet Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC, even though we have not been told how the SEC believes the law applies to our business.”