- Cathie Wood's ARK Invest fund made a savvy move by buying and selling Coinbase (COIN) shares.
- ARK took advantage of the COIN dip in the stock and purchased 268,928 shares at a closing price of $66.30 in the U.S.
This week, Cathie Wood’s ARK Invest fund made a savvy move by buying and selling Coinbase (COIN) shares. On Tuesday, the fund sold 160,887 COIN shares for $13.5 million when the stock was priced at approximately $83 each. Then 48 hours later, ARK took advantage of a dip in the stock and purchased 268,928 shares at a closing price of $66.30 in the U.S. Of these new shares, 230,599 were allocated to ARK Innovation ETF (ARKK) while 38,329 went to the ARK Next Generation Internet ETF (ARKW).
On Wednesday, Coinbase disclosed it had received a Wells Notice from the Securities and Exchange Commission (SEC), warning that enforcement action may be taken. A Wells Notice signifies that the SEC has investigated and believes there is substantial evidence to warrant a possible enforcement action. Coinbase now has until March 29th to inform the SEC whether they intend to contest the enforcement action.
On the same day, the SEC also announced that it is suing Justin Sun, the Tron Foundation, BitTorrent Foundation, and Rainberry (formerly BitTorrent) for selling unregistered securities and manipulating markets via wash trading. In addition, internet personality Jake Paul was sued for promoting crypto linked to Sun illegally. Coinbase CEO Brian Armstrong then took to Twitter Space and advocated for the election of “pro-crypto candidates” in the US, indicating that Coinbase will be getting more politically involved.
Despite a brief dip following the Wells announcement, ARK’s COIN is still up an impressive 97% year to date. Additionally, ARK has revealed that it has made substantial purchases of Block (SQ) shares, with 275,554 of these going to ARKK. To further ensure the success and growth of the Cryptocurrency industry, the company is also planning to take action to urge people to contact their representatives, donate to pro-crypto candidates, attend town halls, and make their voices heard. “We are going to elect pro-crypto candidates in this country to make sure that our success is ensured,” said an ARK representative.
Jack Dorsey’s FinTech payments firm, which has some crypto exposure, saw its share price fall by 14% Thursday after Hindenburg Research released a report alleging that the company had “wildly” exaggerated user counts. In response, Block stated they would start legal action against Hindenburg Research while also working with the Securities and Exchange Commission (SEC) to investigate the accusations.
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