Cathie Wood's Ark Invest boosted its holding in cryptocurrency exchange Coinbase Global Inc on June 6, as the stock fell to over five-month lows due to the Securities and Exchange Commission's crackdown on the crypto industry. Three funds managed by Cathie Wood purchased a total of almost 400,000 shares in Coinbase on June 6, reported Investing.com citing data from the website Cathie's Ark, which keeps tabs on the investing activities of the Ark group.
The majority of the purchases were made through her flagship ARK Innovation ETF, which added over 300,000 shares.
This occurred after the SEC sued the company for running an illegal exchange and issued cease and desist letters about its staking services, which caused Coinbase's share price to drop by as much as 20 percent.
According to the report, following a 9 percent plunge on June 5, Coinbase shares settled 12 percent lower the next day, their second session of significant losses this week, as the SEC also sued Binance, the top cryptocurrency exchange in the world, over similar allegations.
However, the announcement of the Ark purchase helped Coinbase shares increase 2 percent in aftermarket trading.
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| 1W returns-0.69% |
| 1W returns-5.98% |
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| 1W returns-9.38% |
| 1W returns-13.10% |
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