ARK Invest spends Int’l Workers’ Day buying $8M in Coinbase shares

Despite Coinbase shares tumbling amid its legal battle with the SEC, Cathie Wood is still bullish on the crypto exchange.

ARK Invest, the investment management firm founded by legendary investor Cathie Wood, has celebrated International Workers’ Day by buying shares of cryptocurrency exchange Coinbase.

On May 1, ARK purchased 129,604 Coinbase shares for its ARK Innovation exchange-traded fund (ETF), according to an investor notification seen by Cointelegraph.

The investment company also bought 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. The entire purchase amounted to 168,869 Coinbase shares, worth around $8.5 million.

The acquisition makes up nearly 50% of the total Coinbase shares bought by ARK last month. In April, ARK bagged a total of 304,300 shares worth $17.5 million. Previously, ARK bought 2.4 million shares in March for about $117 million.

The latest purchases by ARK come amid Coinbase stock seeing another wave of red. On Monday, Coinbase shares dropped 6.8% amid news of a new class-action lawsuit alleging the exchange violated privacy laws.

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Over the past month, Coinbase shares plummeted more than 20%, dropping from a high of nearly $72 in April to $50.1 on Monday, according to data from TradingView.

The sharp decline of the COIN stock price came amid the ongoing action against Coinbase by the United States Securities and Exchange Commission (SEC). On March 22, the securities regulator sent Coinbase a Wells notice, suggesting enforcement action against the exchange. In response, Coinbase filed an action against the SEC on April 25, asking the regulator to answer 50 questions concerning the regulatory treatment of certain digital assets.

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