ARK Invest Seizes Opportunity With $17.7 Million Wells Dip Buy
Key Points:
- ARK Invest made some significant moves in the cryptocurrency market.
- Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days.
- SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading.
ARK Invest made some significant moves in the cryptocurrency market.
On Tuesday, Cathie Wood’s fund sold over 160,000 shares of Coinbase for $13.5 million when the stock was hovering around $83 per share. However, just over 48 hours later, ARK Invest bought back in and purchased over 268,000 shares of Coinbase as the stock fell to $66.30. Of these shares, 230,599 went to the ARK Invest Innovation ETF while 38,329 went to the ARK Next Generation Internet ETF.
Interestingly, Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days. A Wells Notice is a warning from the SEC that it is planning to take enforcement action against a business. In this case, the SEC has concluded an investigation and believes that evidence gathered is substantial enough to warrant enforcement action. However, it’s important to note that a Wells Notice doesn’t guarantee enforcement action, and Coinbase has until March 29 to advise the SEC if it plans to contest the enforcement action. This news may have contributed to the dip in Coinbase’s stock price, but despite this, Coinbase is still up 97% year-to-date.
In addition to Coinbase, the SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading. Internet personality Jake Paul is also being sued for his alleged illegal promotion of Sun-linked crypto. These lawsuits highlight the regulatory challenges that continue to affect the cryptocurrency industry.
Despite these challenges, Brian Armstrong, the CEO of Coinbase, recently announced on Twitter that the company plans to become more politically involved and call on its U.S.-based users to elect “pro-crypto candidates.” Armstrong hopes to create more support for the cryptocurrency industry and ensure that Coinbase’s success is ensured.
Another interesting development is that ARK Invest also disclosed that it has purchased 320,557 shares of Square, with 275,554 of these shares going to the ARK Innovation ETF. Square is a fintech payments company founded by Jack Dorsey, who also co-founded Twitter. Square has some exposure to the cryptocurrency market, and its stock is down 14% as of market close on Thursday after Hindenburg Research attacked it for “wildly” overstating user counts.
ARK Invest’s moves in the cryptocurrency market this week highlight the volatility and regulatory challenges that continue to affect the industry. These developments will be important to watch as the cryptocurrency market continues to evolve and more players enter the space.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
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ARK Invest Seizes Opportunity With $17.7 Million Wells Dip Buy
Key Points:
- ARK Invest made some significant moves in the cryptocurrency market.
- Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days.
- SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading.
ARK Invest made some significant moves in the cryptocurrency market.
On Tuesday, Cathie Wood’s fund sold over 160,000 shares of Coinbase for $13.5 million when the stock was hovering around $83 per share. However, just over 48 hours later, ARK Invest bought back in and purchased over 268,000 shares of Coinbase as the stock fell to $66.30. Of these shares, 230,599 went to the ARK Invest Innovation ETF while 38,329 went to the ARK Next Generation Internet ETF.
Interestingly, Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days. A Wells Notice is a warning from the SEC that it is planning to take enforcement action against a business. In this case, the SEC has concluded an investigation and believes that evidence gathered is substantial enough to warrant enforcement action. However, it’s important to note that a Wells Notice doesn’t guarantee enforcement action, and Coinbase has until March 29 to advise the SEC if it plans to contest the enforcement action. This news may have contributed to the dip in Coinbase’s stock price, but despite this, Coinbase is still up 97% year-to-date.
In addition to Coinbase, the SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading. Internet personality Jake Paul is also being sued for his alleged illegal promotion of Sun-linked crypto. These lawsuits highlight the regulatory challenges that continue to affect the cryptocurrency industry.
Despite these challenges, Brian Armstrong, the CEO of Coinbase, recently announced on Twitter that the company plans to become more politically involved and call on its U.S.-based users to elect “pro-crypto candidates.” Armstrong hopes to create more support for the cryptocurrency industry and ensure that Coinbase’s success is ensured.
Another interesting development is that ARK Invest also disclosed that it has purchased 320,557 shares of Square, with 275,554 of these shares going to the ARK Innovation ETF. Square is a fintech payments company founded by Jack Dorsey, who also co-founded Twitter. Square has some exposure to the cryptocurrency market, and its stock is down 14% as of market close on Thursday after Hindenburg Research attacked it for “wildly” overstating user counts.
ARK Invest’s moves in the cryptocurrency market this week highlight the volatility and regulatory challenges that continue to affect the industry. These developments will be important to watch as the cryptocurrency market continues to evolve and more players enter the space.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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