Cathie Wood’s Ark Invest Loads Coinbase (COIN) Stock After Trump-Harris Debate
Highlights
- After the sell-off in July, Ark Invest has started purchasing an Coinbase stock after recent dip to $150.
- Despite recent regulatory challenges and legal disputes with the SEC, Barclays upgraded Coinbase’s stock.
- Coinbase CLO Paul Grewal Slams the FDIC for refusing to show crucial documents in the ongoing legal battle.
Cathie Wood’s Ark Investments recently made a fresh purchase of the Coinbase stock following the dip to $150 levels on Wednesday. Ark Invest made the most of the dip opportunity as crypto stocks slumped in the early trading hours on Wednesday following the Trump-Harris debate a day before.
Ark Invest Buys 53708 Coinbase Stock
As per the filing submitted by Ark Investments, the asset manager purchased a total of 53708 COIN stocks, worth more than $8 million, on Wednesday, September 11. The investment happened via three different Ark ETFs where the ARK Innovation ETF (ARKK) purchased 38,475 COIN shares.
On the other hand, the ARK Next Generation Internet ETF (ARKW) purchased 9,349 COIN shares while the Ark Fintech Innovation ETF (ARKF) purchased a total of 5,884 COIN shares.
Cathie Wood and Ark Invest's trade activity from today 9/11$ARKK
Buy: $COIN $TEM
Sell: $PLTR $TTD $VCYT pic.twitter.com/LWyBbBNmr0— Ark Invest Daily (@ArkkDaily) September 12, 2024
Cathie Wood was one of the biggest holders of the Coinbase stock since its IPO times. However, following a massive runup in 2023, the asset manager has been offloading its COIN holdings for some profit booking, around $250 levels.
Now that the COIN stock has gone major retracement of over 40% from the highs of $265 in July, Ark Invest is exploring fresh opportunities with the latest purchase. After dropping to the $150 level in the early trading hours on Wednesday, the COIN stock closed the day at $157.15.
Last week, the COIN stock was also under some selling pressure following Judge Katherine Polk Failla siding with the regulator in the ongoing Coinbase vs SEC lawsuit.
Last week, the British banking giant Barclays upgraded the COIN stock from underweight to equal weight. The banking giant added that Coinbase can benefit from a favorable regulatory environment as both Presidential candidates adopted a supportive stance toward the digital asset industry. It also added that the approval of several spot crypto exchange-traded funds (ETFs) will boost the company’s prospects.
In another development, Coinbase resumed the trading of Polygon POL token on Wednesday, after the recent migration from MATIC.
Paul Grewal Slams FDIC
Previously, the crypto exchange requested the court to release some major documents relating to the case. Coinbase Chief Legal Officer Paul Grewal recently criticized the Federal Deposit Insurance Corporation (FDIC) for withholding key communications.
He further cited the agency’s justification as an attempt to hide details of how it pressured banks to cut ties with crypto firms. Grewal stated that the FDIC is afraid that the communication would reveal too much about the agency.
And here’s the crux of @FDICgov’s excuse to the Court for cloaking its communications: they provide too much detail on how exactly we pressured the banks to debank crypto. https://t.co/ibCYD2biwS https://t.co/OAN8yiWzxG
— paulgrewal.eth (@iampaulgrewal) September 12, 2024
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