Ark Invest Purchases $8.6 Million In Coinbase Shares As The Exchange Sues The SEC

Key Points:

• Yesterday, the American investment management business Ark Invest, which is led by Cathie Wood, purchased further shares of Coinbase Global Inc. This occurred on the same day that the cryptocurrency exchange announced that it will be suing the SEC.
• According to a trading notification that was sent out via email, the ARK Innovation ETF purchased 122,083 shares of Coinbase, and the ARK Next Generation Internet ETF purchased another 20,327 shares. Both ETFs are managed by the ARK Group.

Yesterday, Cathie Wood’s investment firm, Ark Invest, purchased roughly $8.6 million worth of Coinbase stock.

Yesterday, the American investment management business Ark Invest, which is led by Cathie Wood, purchased further shares of Coinbase Global Inc. This occurred on the same day that the cryptocurrency exchange announced that it will be suing the SEC.

According to a trading notification that was sent out via email, the ARK Innovation ETF purchased 122,083 shares of Coinbase, and the ARK Next Generation Internet ETF purchased another 20,327 shares. Both ETFs are managed by the Ark Invest. During this time, the ARK Fintech Innovation ETF purchased 14,633 shares of the company.

Coinbase, one of the most well-known cryptocurrency exchanges, recently made news when it announced the purchase of shares that were valued at approximately $8.6 million based on current pricing. This development follows Coinbase’s submission of a rule-making petition to the SEC during the summer of 2018, in which the company requested permission to provide a new loan product to its customers. However, a recent complaint that Coinbase filed against the SEC provides evidence that the regulatory agency did not reply to the petition in the appropriate manner.

The SEC has allegedly threatened to take legal action against the firm if it continues to operate its loan product, but according to the lawsuit, the SEC has not provided clear instructions on how Coinbase should operate its lending product. Instead, the SEC has threatened to take legal action against the company. If Coinbase’s lawsuit is successful, a federal judge may order the SEC to formulate new guidelines, but this outcome is contingent on the SEC’s continued resistance to the company’s demands.

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