Cathie Wood’s Ark ETFs went on a buying binge and acquired around $18 million worth of Coinbase shares just a few days after the funds interrupted a months-long purchasing spree by selling $13 million worth of the company’s stock. The sale of the stock brought an end to the purchasing binge.
The Ark Innovation ETF was successful in acquiring 230,599 extra shares in Coinbase on March 23, while the Ark Next Generation Internet ETF was successful in acquiring 38,329 additional shares. At the end of the trading day, the combined value of all of the transactions was $17.8 million.
The share price of Coinbase had a substantial decline on Thursday, dropping by more than 14% after the close of trading for the day. The company has had its fair share of difficulties this week, with the share price of its stock plummeting after the United States Securities and Exchange Commission issued it a warning, sometimes known as a Wells notice, regarding its staking service, Coinbase Earn, and Coinbase Wallet. The warning was issued after the company was accused of engaging in fraudulent activity related to the staking of cryptocurrency.
Earlier in the day, during a live Twitter conversation, Brian Armstrong, the Chief Executive Officer of Coinbase, voiced his displeasure with the decision made by the SEC. If going to court is what it takes to finally get some case law produced for this industry, then “in a way we’re pleased to go to court,” as was reported by The Block in the past. If going to court is what it takes to finally get some case law produced for this industry, then “in a way we’re happy to go to court.”