Ark Invest, Cathie Wood’s innovation-focused investment firm, purchased a total of $8.6 million worth of Coinbase stock on April 24. The purchase was divided across three of Ark’s funds – the Ark Fintech ETF bought 14,633 shares; the Ark Next Generation Internet ETF bought 20,327 shares; and the Ark Innovation ETF acquired 122,083 shares.
Coinbase (COIN) - a crypto exchange platform - closed at $54.75 per share Monday night.
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Wood’s latest investment into the volatile crypto market came on the same day that Coinbase filed suit against the U.S. Securities and Exchange Commission in an attempt to compel the SEC to respond to a regulatory petition the company filed last July.
“From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition. But they haven’t told the public yet,” Coinbase wrote in a blog post. “Coinbase does not take any litigation lightly, especially when it relates to one of our regulators.”
However, “regulatory clarity is overdue for our industry,” the company said.
An SEC spokesperson declined to comment.
The suit comes just over a month after the SEC issued a Wells Notice – a letter indicating that the agency intends to take enforcement action against a company for possible violations of securities law. The notice, according to Coinbase, did not include much information, merely stating that the SEC had identified “potential violations of securities law.”
