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Home News Latest News

ARK Invest Adds Over $8 Million Worth of Coinbase Shares to Its Portfolio ETFs

2 May 2023
in Latest News, News
Reading Time: 3 mins read
105 5
ARK Invest Adds Over $8 Million Worth of Coinbase Shares to Its Portfolio ETFs

Source: forbesargentina.com

On May 1, 2023, ARK Invest, an investment management firm, announced that it had increased its stake in Coinbase by acquiring 168,869 shares, valued at $8.5 million, and adding them to its portfolio exchange-traded funds (ETFs): Ark Innovation (129,604 shares), Ark Next Generation Internet (23,456 shares) and Fintech Innovation (15,809 shares).

This acquisition comes after ARK purchased 304,300 shares valued at $17.5 million in April, half of which were Coinbase shares. Also, these purchases coincide with a decline in Coinbase’s stock value. 

Though Coinbase’s shares have risen almost 50% this year, it is trading slightly above $50 per share after falling from its peak of $72 in April 2023.

 

 

Source: Trading View

On Monday, May 1, 2023, Coinbase shares fell by 6.8% after a class-action lawsuit was filed against the company, alleging it violated privacy laws. However, it is believed that the ongoing legal action by the United States Securities and Exchange Commission (SEC) against Coinbase is the reason for the company’s recent stock price decline. The U.S. SEC sent a Wells notice to Coinbase on March 22, 2023, indicating that the exchange may face enforcement action.

After the exchange received the Wells Notice from the U.S. SEC, Brian Armstrong, the CEO and co-founder of the company, expressed his dissatisfaction with the unclear regulations surrounding cryptocurrency in the United States. In his criticism, Armstrong drew an analogy between the SEC and “soccer referees” in a game of pickleball.

In another development, Hany Rashwan, CEO and co-founder of 21Shares, revealed in an interview with Bloomberg News on April 25, 2023, that 21Shares and ARK Invest are collaborating to revive a previous filing for the ARK 21 Shares Bitcoin ETF. The ETF aims to bring a Bitcoin exchange-traded fund to the U.S. financial markets and offer investors a secured way to invest in Bitcoin.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: ARK investCoinbase
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Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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