- They are doing this for the second day in a row
- The stock exchange has fallen more than 20% in the last month
Ark Invest has again gained ground in Coinbase. That night they bought about $7.5 million worth of the brand’s stock.
Recall that yesterday, three funds from Ark together acquired assets of cryptofirm totaling $ 8.4 million.
And before that, Kathy Wood’s company did a number of similar deals. For example, on the day of the lawsuit against the SEC, it bought $8.6 million worth of Coinbase stock.
Active ARK purchases come amid falling Coinbase stock price. On Monday, they fell by 6.8%.. The reason was a new class action lawsuit accusing the cryptocurrency exchange of violating privacy laws.
In aggregate, Coinbase shares fell more than 20% in April, from $72 to $50.1. But if you take the figures from the beginning of the year, the assets have risen by more than 50%.
The sharp April rate drop began amid harsh measures against the exchange by the U.S. SEC. On March 22, the regulator sent Coinbase a notice of possible litigation.
In response, Coinbase has already filed its own petition against the SEC on April 25. They are asking the regulator through the court to answer 50 questions about the regulatory treatment of certain digital assets.
The case is still pending, but its outcome is also likely to affect the brand’s share price. Today Citigroup downgraded Coinbase due to problems with the authorities.
They expect the cryptocurrency exchange’s stock price to fall further. But investor Katie Wood remains bullish and continues to believe in the company’s prospects.