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Cathie Wood’s investment management firm Ark Invest purchased additional shares of Coinbase (COIN) as the stock price fell after the US Securities and Exchange Commission (SEC) sues the exchange for violating securities laws.
Ark Invest is the fourth-largest holder of Coinbase and continues its buying spree since last year despite crypto market volatility, US regulatory crackdown, and bankruptcies in the industry.
Cathie Wood’s Ark Invest Buys the Dip
On June 6, Ark Invest funds purchased a total of 419,324 Coinbase (COIN) shares worth $21 million as the price dipped below $50, according to transactions seen by CoinGape.
Cathie Wood’s Ark Invest purchased 329,773 COIN shares for its ARK Innovation ETF (ARKK), 53,885 COIN shares for ARK Next Generation Internet ETF (ARKW), and 35,666 COIN shares for ARK Fintech Innovation ETF (ARKF).
Ark Invest funds started buying millions of Coinbase stocks last year. Cathie Wood’s Ark Invest held more than 12 million Coinbase shares as of March 31. She remains bullish on Bitcoin, reiterating her Bitcoin price target of $1 million by 2030.
On Tuesday, the US SEC charged Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, as well as for an unregistered crypto asset staking-as-a-service program. Coinbase also received show cause notices from ten state securities regulators including California, Alabama, and New Jersey.
The SEC alleges SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO as securities in the Coinbase lawsuit.
On Monday, the US SEC filed a lawsuit against the world’s largest exchange Binance, its US arm Binance.US, and CEO Changpeng “CZ” Zhao for violating securities laws. The SEC filed 13 charges including operating unregistered securities exchanges, misleading investors, and selling unregistered securities.
Also Read: Crypto Telegram Channels List 2023; Updated List
Coinbase Stock Rally
Coinbase (COIN) stock price fell 21% to a low of $46 on Tuesday after the SEC lawsuit against the exchange. However, COIN stock price recovered and closed at $51.61.
Ark Invest and other investors buying Coinbase shares from the dip helped the COIN price jump nearly 3%. COIN price is trading at $52.75, up 2% after market close.
Also Read: Who Will Win, US SEC Or Crypto Giant Binance?
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