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Ark ETFs Resume Buying Coinbase Shares With $18 Million Purchase

Cathie Wood`s Ark ETFs bought almost $18 million in Coinbase shares just days after the funds ended a months-long buying spree by divesting $13 million in the company`s stock.

Ark ETFs Resume Buying Coinbase Shares With $18 Million Purchase

The Ark Innovation ETF added 230,599 Coinbase shares on March 23, while Ark Next Generation Internet ETF added 38,329 shares. At market's close, the trades were worth $17.8 million. 

Coinbase took a battering on Thursday, with its shares down more than 14% at the close of trading. The company has faced its share of travails this week, with its share price tumbling after the U.S. Securities and Exchange Commission issued it a warning — known as a Wells notice — over its staking service, Coinbase Earn and Coinbase Wallet.

Earlier in the day, Coinbase CEO Brian Armstrong took to a Twitter live chat to object to the SEC's action. "In a way we're happy to go to court," The Block previously reported, "if that's what it takes to finally get some case law developed for this industry." 

 

Source: theblock.co