{"id":20118,"date":"2023-06-08T16:26:11","date_gmt":"2023-06-08T20:26:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cathie-wood-buys-the-dip-in-coinbase-shares-amid-sec-crackdown\/"},"modified":"2023-06-08T16:26:12","modified_gmt":"2023-06-08T20:26:12","slug":"cathie-wood-buys-the-dip-in-coinbase-shares-amid-sec-crackdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20118","title":{"rendered":"Cathie Wood buys the dip in Coinbase shares amid SEC crackdown"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — Cathie Wood\u2019s Ark Invest increased its stake in crypto exchange Coinbase Global <\/span><\/span> Inc (NASDAQ:) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows.<\/p>\n

Data from the website Cathie\u2019s Ark, which tracks the investment activities of the Ark group, showed that three funds under Cathie Wood bought a total of over 400,000 shares in Coinbase on Tuesday.<\/p>\n

Her flagship ARK Innovation ETF (NYSE:) carried out most of the buying, adding over 300,000 shares. <\/p>\n

This came as Coinbase\u2019s share price plummeted as much as 20% after the SEC over operating an unlicensed exchange, while also issuing cease and desist letters over its staking services.<\/p>\n

\u201cWe allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,\u201d SEC Chair Gary Gensler said in a press release. <\/p>\n

Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.<\/p>\n

But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.<\/p>\n

Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for on the belief that it is an effective inflation hedge.<\/p>\n

Coinbase holds the fifth-largest weightage in Ark\u2019s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates. <\/p>\n

The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.<\/p>\n

Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — Cathie Wood\u2019s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows. Data from the website Cathie\u2019s Ark, which tracks the investment activities of the Ark group, […]<\/p>\n","protected":false},"author":1,"featured_media":20119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-20118","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCathie Wood buys the dip in Coinbase shares amid SEC crackdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- Cathie Wood\u2019s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:) on Tuesday, as a crackdown by the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=20118\" \/>\n<meta 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