COIN

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April

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&#8217;s purchase is amid a string of poor price performance for the exchange&#8217;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.
<figure id="attachment_320353" aria-describedby="caption-attachment-320353" style="width: 1827px" class="wp-caption aligncenter"><img class="size-full wp-image-320353" src="https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14.png" alt="Coinbase Stocks" width="1827" height="574" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14.png 1827w, https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14-300x94.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14-1024x322.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14-768x241.png 768w, https://cryptoslate.com/wp-content/uploads/2023/04/COIN_2023-04-25_15-00-14-1536x483.png 1536w" sizes="(max-width: 1827px) 100vw, 1827px" /><figcaption id="caption-attachment-320353" class="wp-caption-text">Source: Tradingview</figcaption></figure>
Meanwhile, COIN&#8217;s value has <a href="https://cryptoslate.com/coinbase-stock-surged-90-in-january/">risen</a> by over 50% on the year-to-date metric but is still down 51% over the past 12 months.
<h2 id="cathie-wood-is-bullish-on-coinbase-stock">Cathie Wood is bullish on Coinbase stock</h2>
According to <a href="https://cathiesark.com/ark-funds-combined/trades">Cathiesark</a>, ARK Innovation ETF bought 122,080 <a href="https://cryptoslate.com/coinbase-insiders-sold-7-4m-stocks-in-the-last-30-days/">Coinbase shares</a>, while ARK Next Generation Internet ETF purchased 20,320 shares. The ARK Fintech Innovation ETF also acquired 14,600 shares of the U.S.-based exchange.
Meanwhile, this is the second time the investment fund will purchase Coinbase&#8217;s stock this month. On April 5, the investment fund manager purchased  147,250 shares in three transactions.
<figure id="attachment_320355" aria-describedby="caption-attachment-320355" style="width: 1420px" class="wp-caption aligncenter"><img class="size-full wp-image-320355" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-150140.jpg" alt="Cathie Wood Coinbase Buy" width="1420" height="640" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-150140.jpg 1420w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-150140-300x135.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-150140-1024x462.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-150140-768x346.jpg 768w" sizes="(max-width: 1420px) 100vw, 1420px" /><figcaption id="caption-attachment-320355" class="wp-caption-text">Source: Cathieark</figcaption></figure>
Cathie Wood investment funds also have a <a href="https://cryptoslate.com/cathie-wood-remains-bullish-on-bitcoin-other-cryptocurrencies/">bullish stance</a> on Coinbase despite the current <a href="https://cryptoslate.com/coinbase-eyeing-offshore-exchange-to-escape-us-regulatory-pressure/">regulatory uncertainty</a>. In March, the investment fund purchased Coinbase&#8217;s stock after it received a <a href="https://cryptoslate.com/coinbase-receives-wells-notice-from-sec/">Wells Notice</a> from the U.S. Securities and Exchange Commission (SEC).
<h2 id="coinbase-regulatory-struggles">Coinbase regulatory struggles</h2>
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.
Coinbase&#8217;s chief legal officer Paul Grewal <a href="https://cryptoslate.com/coinbase-files-action-against-sec/">wrote</a>:
<blockquote>&#8220;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.&#8221;</blockquote>
The post <a rel="nofollow" href="https://cryptoslate.com/ark-investment-buys-coinbase-shares-worth-8-6m/">ARK Investment buys Coinbase shares worth $8.6M</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

ARK Investment buys Coinbase shares worth $8.6M

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