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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
