Cathie Wood’s ARK Invest Accumulates More Coinbase Stock (COIN) As Crypto Exchange Goes Against SEC

Cathie Wooden’s ARK Make investments added greater than 157,000 Coinbase (COIN) shares this week as the highest US crypto alternate goes on the offensive in opposition to the U.S. Securities and Trade Fee (SEC).

On Monday, three of ARK Make investments’s funds made separate purchases of COIN shares price a mixed $6.98 million at time of writing.

Coinbase shares presently make up 4.74% of ARK’s mixed portfolio. The three funds’ estimated cost averages for COIN are $239.60, $254.65, and $242, all of that are far higher than Coinbase’s present share worth, which presently sits at $56.86.

The purchases come as Coinbase filed a motion in court docket to compel the SEC to reply to an earlier petition from the corporate requesting steerage for the digital asset trade. The alternate first submitted the petition for rulemaking final July however has but to listen to a “sure” or “no” reply on it from the regulator.

Final month, the SEC despatched a Wells Discover to Coinbase that said the regulator had made a “preliminary dedication” to advocate submitting an enforcement motion in opposition to the crypto alternate for allegedly violating securities legal guidelines.

Wooden, ARK’s chief government, stays bullish on Bitcoin (BTC) regardless of 2022’s crypto winter, predicting earlier this yr that the highest crypto asset will soar by greater than 2,000% inside seven years.

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