Cathie Wood’s ARK Buys Another $9.2M Coinbase After Stock’s January Rally
Cathie Wood is back to buying up shares of Coinbase (COIN), after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.
ARK’s last purchase of COIN was in mid-January when it bought $3.3 million worth of shares of the exchange.
The $9.2 million dollar buy comes as U.S. regulators increased their scrutiny of the digital assets industry. While the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken, questions remain as to if it might come after it in a second enforcement blitz.
A Wall Street Journal report from early Monday said that Paxos is the latest target of the SEC’s enforcement campaign over its Binance USD (BUSD) token.
ARK’s Innovation ETF (ARKK) is up 28% year-to-date, while the ARK Fintech Innovation ETF (ARKF) is up 25% so far this year.