ARK Invest Management, led by the famous investor and institutional Bitcoin/cryptocurrency whale Cathie Wood, attracted attention with its new purchase. He has demonstrated his confidence in Coinbase despite the recent lawsuit filed by the US Securities and Exchange Commission (SEC) against the crypto exchange. ARK, the second largest holder of Coinbase shares, has doubled its investment in the company by purchasing 419,324 more shares. Here are the details…
Cryptocurrency whale’s purchases drew attention
The most recent purchase by ARK, worth approximately $21.6 million, compared to Coinbase’s closing price of $51.61 on Tuesday. These shares were split between ARK’s three ETFs. These are as follows: Innovation ETF (ARKK), Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF). This acquisition marks the first time ARK has purchased Coinbase shares since May 3. Moreover, it increases its total assets in the company to 11.44 million shares, valuing the position at approximately $590 million.
cryptocoin.com As we reported, the SEC’s lawsuit against Coinbase alleges violations of federal securities law. It accuses the exchange of simultaneously acting as a broker, exchange and trading institution without proper registration. The legal action comes just a day after the SEC filed a similar lawsuit against Binance, another big player in the crypto industry. News of the lawsuit caused Coinbase’s shares to drop more than 12 percent at the end of US trading hours on Tuesday.
ARK on the rise for Coinbase
Despite the negative impact on Coinbase’s share price, the company has experienced significant growth this year. The stock is up over 50 percent from the start of the year to date. This echoes ARK’s long-term bullish view of the potential of Coinbase and the cryptocurrency market as a whole. This may have contributed to the decision to increase their holdings in the stock market. Known for her successful bets on disruptive technologies and forward-thinking investments, Cathie Wood has become one of the leading names in the investment world. It’s important that ARK continues to support Coinbase amid legal challenges. It highlights Wood’s confidence in the long-term prospects of the crypto exchange and the potential of the industry.
It is not yet clear how the legal action against Coinbase will develop and what impact it will have on the company’s operations. As the SEC’s scrutiny of the crypto market intensifies, investors and industry participants are keeping a close eye on developments. It seeks to gain insight into the regulatory environment and its implications for the future of digital assets. Despite recent volatility and legal challenges, cryptocurrencies and their underlying Blockchain technology continue to attract attention and investment. He underlines that as institutional investors like ARK maintain their positions and actively add to their holdings, crypto assets are increasingly recognized and recognized as a legitimate investment class.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.