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Finance

Cathie Wood's ARK Buys $9.2M Coinbase Shares First Time in Almost a Month

COIN is down 20% during the last week after a record-breaking rally in January, when it rose nearly 95%.

By Sam Reynolds
AccessTimeIconFeb 13, 2023 at 5:41 a.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
Cathie Wood (Marco Bello/Getty Images)
Cathie Wood (Marco Bello/Getty Images)

Cathie Wood is back to buying shares of Coinbase (COIN) for her company's exchange-traded funds after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.

ARK’s last purchase of COIN was in mid-January, when it bought $3.3 million worth of shares of the exchange.

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    • The $9.2 million buy comes as U.S. regulators increased their scrutiny of the digital assets industry. While the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken, questions remain if it might come after it in a second enforcement blitz.

    A Wall Street Journal report from early Monday said that Paxos is the latest target of the SEC’s enforcement campaign over its Binance USD (BUSD) token.

    ARK’s Innovation ETF (ARKK) is up 28% year to date, while the ARK Fintech Innovation ETF (ARKF) is up 25% so far this year.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.