{"id":3986,"date":"2023-05-04T03:54:15","date_gmt":"2023-05-04T07:54:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cathie-woods-ark-invest-increases-coinbase-position-with-back-to-back-stock-purchases-what-does-she-know\/"},"modified":"2023-05-04T03:54:15","modified_gmt":"2023-05-04T07:54:15","slug":"cathie-woods-ark-invest-increases-coinbase-position-with-back-to-back-stock-purchases-what-does-she-know","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3986","title":{"rendered":"Cathie Wood’s Ark Invest Increases Coinbase Position with Back-to-Back Stock Purchases \u2013 What Does She Know?"},"content":{"rendered":"
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ARK Invest<\/u>, Cathie Wood’s investment management firm, has remained bullish about Coinbase shares despite its tanking price amid a lawsuit brouhaha.<\/p>\n

The investment firm added more shares to its portfolio on May 1 and now holds nearly 50% more COIN shares than last month.<\/p>\n

The source of Cathie Wood’s confidence amid bearish price action remains a mystery to many.<\/p>\n

Cathie Wood Buys the Dip on COIN Shares<\/h2>\n

Besides sweeping millions of dollar worth of Coinbase shares in the previous month, ARK Invest bought an additional $8.5 million in COIN shares on May 1.\u00a0<\/p>\n

According to a report on May 2, the investment management firm purchased 129,604 COIN shares for its ARK Innovation exchange-traded fund (ETF).<\/p>\n

ARK didn\u2019t stop there. It bought another 23,456 COIN shares for its ARK Next Generation Internet ETF.\u00a0<\/p>\n

In addition, the firm purchased 15,809 COIN shares for its Fintech Innovation ETF.<\/p>\n

Overall, ARK Invest bought 168,869 Coinbase shares worth approximately $8.5 million.<\/p>\n

Further, the report revealed that the latest acquisition is 50% of the total Coinbase shares, which ARK Invest accumulated in April.\u00a0<\/p>\n

Notably, the firm siphoned 304,300 COIN shares worth $17.5 million in April.\u00a0<\/p>\n

That doesn’t count the 2.4 million shares it bought in March at $117 million.<\/p>\n

In February, Ark Invest spent millions of dollars on Coinbase stocks.\u00a0<\/p>\n

The firm bought 139,105 and 23,220 COIN shares for its ETF series on February 10 and 13, respectively.<\/p>\n

ARK\u2019s recent purchases come amid a sharp decline in COIN share price. On May 1, Coinbase shares dropped 6.8% after news of a new class action lawsuit against the exchange hit the market.\u00a0<\/p>\n

The lawsuit complainants alleged that Coinbase violated privacy laws.\u00a0<\/p>\n

It’s worth noting that Cathie Wood often banks on COIN share tanking prices to accumulate stocks for its ETF products.\u00a0<\/p>\n

The same pattern followed the firm’s previous purchases.<\/p>\n

COIN Shares Tanks Amid Regulatory and Legal Tussles<\/h2>\n

TradingView data shows that COIN stock has declined by more than 20% over the past month, falling from a nearly $72 high in April to $50.1 on May 1.\u00a0<\/p>\n

The rapid slump in COIN stock price happened due to the recent class action lawsuit and the US SEC’s regulatory pressure on the crypto exchange.\u00a0<\/p>\n

There have been rumors of an impending lawsuit against Coinbase after it received a Wells notice from the US Securities and Exchanges Commission on March 22.<\/p>\n

In response to the SEC\u2019s allegation in the Wells notice, Coinbase filed a motion<\/u><\/a> on April 25, petitioning the watchdog for regulatory clarity.\u00a0<\/p>\n

Coinbase\u2019s petitions against the SEC demanded answers regarding the regulatory treatment of crypto assets.\u00a0<\/p>\n

At Press time, COIN stock trades at $51.32<\/u>, with a 2.35% increase in the last day.<\/p>\n<\/p><\/div>\n