Three Ark funds picked up roughly 420,000 Coinbase shares, taking advantage of the 12% dip in stock value.
Cathie Wood’s Ark Invest added 420,000 shares of Coinbase stock on Tuesday after the crypto firm wasThe flagship Ark Innovation ETF added roughly 330,000 shares of Coinbase, worth $17 million based on closing price, on Tuesday, the same day the Securities and Exchange Commission sued the company for allegedly operating an unlawful exchange.
Two smaller funds, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF, bought approximately 53,900 shares, worth $2.8 million, and 35,700 shares, worth $1.8 million, respectively.Key Background Ark is the fourth-largest holder of Coinbase, according to Bloomberg, and has a history of snapping up crypto stock during market dips brought on by regulatory issues. The company
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