Cathie Wood, the second largest shareholder of crypto asset (virtual currency) exchange Coinbase Global, has announced that Ark Investment will be invested by the U.S. Securities and Exchange Commission (SEC). ) filed a lawsuit that caused its stock price to plummet, significantly increasing its investment in Coinbase.
Ark bought 419,324 shares of Coinbase stock. That’s worth about $21.6 million, based on the June 6 closing price of $51.61. The purchase is split into ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
Ark’s purchase of Coinbase shares was the first since May 3, bringing the number of shares held to 11.44 million shares and the valuation of the position to about $590 million.
The SEC also sued Coinbase for violating federal securities laws just one day after it sued Binance. According to the SEC, Coinbase acted as a broker, exchange and clearing house without being registered.
Coinbase shares were down more than 12% at the close of U.S. trading hours on June 6. Year-to-date, it’s still up more than 50%.
｜Translation: coindesk JAPAN ｜Editing: Toshihiko Inoue | Image: Cathy Wood (Danny Nelson/CoinDesk) ｜Original: Cathie Wood’s ARK Buys $21.6M Coinbase Shares as SEC Suit Sends COIN Prices Tumbling


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