Just-In: Cathie Wood’s Ark Goes Long On $COIN As Coinbase Moves Offshore

Crypto News: ARK Invest, the investment management firm led by Cathie Wood on Tuesday extend its stakes in U.S biggest crypto exchange, Coinbase. The investment firm reportedly bagged another 147K Coinbase (NASDAQ: COIN) shares amid the recent regulatory fight launched by the exchange.

Also Read: Coinbase Launches Derivatives Exchange With 5X Leverage

Ark Invests Bags $15.5 Mln Coinbase Shares In 2 days

According to reports, Cathie Wood’s Ark Investment purchased approx $7.5 million worth of Coinbase shares. While the firm bought around 150,000 COIN on Monday. However, this move comes in when Coinbase Introduced its International Exchange just a day before.

The U.S. biggest crypto exchange had a tough last month as it received a regulatory warning of a possible lawsuit from the Securities and Exchange Commission (SEC). $COIN price registered a drop of more than 19% over the past 1 month.

$COIN saw a major decline due to a legal tussle with the US SEC.The regulator sent a Wells Notice the exchange on March 22, 2023. However, Coinbase went on to file motion against the regulator o April 25, 2023, in order to gain regulatory clarity.

At the press time, NASDAQ: COIN price is up by 2.35% (1.18 pts) to trade at $51.32. However, its after hours price stands at $50.95 down by 0.72% (0.37 pts). The considerable surge comes in after back to back purchases done by the Cathie Wood led Ark Invest. Read More Crypto News Here…

Also Read: FOMC, ECB: Bitcoin To Face Tough Week Ahead; Here’s Why

ARK Invest has been on Long on Coinbase since the beginning of 2023. It acquired 304,300 $COIN in April, while it added 2.4 million Coinbase shares in March.