In early June, the US regulator SEC sued leading cryptocurrency exchange Coinbase for violating securities laws.
The news of this lawsuit also brought a drop in Coinbase shares, apart from Bitcoin and altcoins.
However, after the news of these lawsuits, the world’s largest financial companies such as BlackRock and Fidelity applied for spot Bitcoin ETFs, causing a rally in cryptocurrencies.
In addition, it was stated that the stock markets would be overseen in the spot Bitcoin ETF applications of companies, and Coinbase was pointed out for this surveillance, which made Coinbase shares (COIN) rise.
As companies, including BlackRock, updated their ETF filings and chose Coinbase as their oversight partner in their updates, the stock’s share price soared, hitting its highest level in the past few months.
Coinbase shares, traded on the Nasdaq, rose 12 percent to close the day at around $80.
The rise in the COIN price benefited Ark Invest, which buys COINs at every opportunity. Ark Invest also bought shares after the SEC’s lawsuit against Coinbase.
*Not investment advice.
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