Ark Invest Increases Coinbase Stake Amid SEC Lawsuit
Ark Invest, an American investment company run by Katie Wood, bought more Coinbase shares on the same day the US-based crypto exchange announced it was suing the Securities and Exchange Commission (SEC).
Coinbase’s lawsuit against the SEC follows a petition seeking the Commission to approve, and issue rules specific to digital assets.
Coinbase could file another suit to try to get a federal court to force the SEC to draft a new rule – if the regulator refuses.
According to the company’s chief legal officer, Paul Grewal, it appears from the SEC’s public statements and enforcement activities in the crypto industry that the Commission has already decided to deny their petition.
He also said that the regulator has not yet shared the decision with the public, adding that “the lawsuit Coinbase filed today is simply asking the court to prompt the SEC to share its decision.”
Ark Invest’s purchases
ETF ARK Innovation acquired 122,083 shares of Coinbase stock through the latest purchase, while ETF ARK Next Generation Internet added 20,327 shares to its holdings. Moreover, ETF ARK Fintech Innovation ETF has also purchased 14,633 shares.
The total value of shares purchased amounts to nearly $8.6 million at current prices.
As of mid-February, the Wood-managed company had also acquired approximately $6.7 million worth of Coinbase shares to its Ark Innovation ETF and Ark Next Generation Internet funds.
This came just days after Ark Invest purchased over $15 million worth of shares, despite the declining price and regulatory risks associated with the crypto exchange.
Additionally, in December, the company made its largest investment in Coinbase (COIN) shares at the time.