The lawsuit caused Coinbase (COIN) shares fell 18% on Tuesday, to lows not seen since January 2023.
According to reports, the asset management firm of cathie wood bought little more than 419,000 COIN shares with a value of about $21.6 billion based on Tuesday’s closing price of $51.61.
The acquisitions came from Ark Innovation ETF, Ark Next Generation Internet ETF and Ark Fintech Innovation ETF. The first accumulated 330,000 shares and the other two funds added just over 53,000 and 35,000 shares respectively.
The purchase brought Ark’s total Coinbase holdings to 11.44 million shares. The position came to $590 million, as CoinDesk reported.
The demand for the United States Securities and Exchange Commission (secfor its acronym in English) accused Coinbase, the platform of cryptocurrencies, for taking the role of one stock Exchange and an unregistered stockbroker.
Legal action against the cryptocurrency platform comes a day after the SEC filed a complaint against Binancethe world’s largest crypto asset exchange, to be managed irregularly funds from its userslying to investors and regulators, among other accusations.
Source: Ambito
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