Cathie Wood’s ARK Invest added more than 157,000 Coinbase (COIN) shares this week as the largest US crypto exchange goes on the offensive against the US Securities and Exchange Commission (SEC).
On Monday, three of ARK Invest’s funds made separate purchases of COIN shares worth a combined $6.98 million at the time of writing.
Coinbase stock currently makes up 4.74% of ARK’s combined portfolio. The estimated cost averages of the three funds for COIN are $239.60, $254.65, and $242, all of which are much higher than Coinbase’s current share price, which is currently $56.86.
The purchases come after Coinbase filed a motion in court to compel the SEC to respond to a previous petition from the company seeking guidance for the digital asset industry. The exchange first filed the petition for regulation last July, but has yet to receive a “yes” or “no” response to it from the regulator.
Last month, the SEC sent a Wells notice to Coinbase saying the regulator had made a “preliminary decision” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
Wood, the CEO of ARK, remains bullish on Bitcoin (BTC) despite the crypto winter of 2022, predicting earlier this year that major crypto assets will rise more than 2,000% within seven years.
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