- The value of the deal was $8.6 million
- And Ark Invest had already purchased shares of the company last month
Kathy Wood’s Ark Invest fund bought Coinbase stock again. They remain bullish on the most famous U.S. cryptocurrency exchange.
And seem confident that the SEC lawsuit will help the stock rise.
According to the notice yesterday, the ARK Innovation ETF division bought 122,083 shares of Coinbase, the ARK Next Generation Internet ETF added 20,327 shares, and the ARK Fintech Innovation ETF division added 14,633 shares..
That brought the total purchases to nearly $8.6 million.
The same day Coinbase sued the U.S. Securities and Exchange Commission (SEC). They are seeking a public response from the regulator to their July 2022 petition.
In this petition, the cryptocurrency exchange outlined a request for clearer rules to regulate cryptocurrencies.
According to Coinbase, more than 1,700 entities and individuals submitted comments on the document, reiterating a request for regulatory clarity.
We recall that Ark Invest purchased $20 million worth of Coinbase stock in March. It is a major American investment management company headquartered in Florida.
It owns several exchange-traded funds (ETFs) and was founded by investor Kathy Wood in 2014. At its peak in February 2021, Ark Invest had $50 billion in assets under management.
By May 2022, that figure had fallen to $15.9 billion due to a long period of cryptozyma and failed management decisions.
In May 2022, that figure dropped to $15.9 billion.