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ARK Invest, the asset management firm established by renowned investor Cathie Wood, has acquired additional shares of the cryptocurrency exchange Coinbase.
On May 1, ARK acquired 129,604 Coinbase shares for its ARK Innovation exchange-traded fund (ETF), as indicated by an investor notification reviewed by Cointelegraph.
The investment firm also purchased 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. The total acquisition amounted to 168,869 Coinbase shares, valued at approximately $8.5 million.
This acquisition represents nearly 50% of the total Coinbase shares purchased by ARK in the previous month. In April, ARK acquired a total of 304,300 shares worth $17.5 million. Earlier, ARK had purchased 2.4 million shares in March for around $117 million.
The recent acquisitions by ARK occur as Coinbase stock experiences another downturn. On Monday, Coinbase shares fell by 6.8% following reports of a new class-action lawsuit claiming the exchange breached privacy regulations.
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In the past month, Coinbase shares have dropped over 20%, falling from a peak of nearly $72 in April to $50.1 on Monday, based on data from TradingView.
Coinbase shares’ price chart over the past 30 days. Source: TradingView
The significant drop in Coinbase’s stock price has occurred alongside ongoing actions against Coinbase by the United States Securities and Exchange Commission (SEC). On March 22, the securities regulator issued Coinbase a Wells notice, indicating potential enforcement action against the exchange. In response, Coinbase filed a motion against the SEC on April 25, requesting the regulator to address 50 questions regarding the regulatory classification of specific digital assets.
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