Ark invest buys 162k Coinbase shares (COIN) amid panic news
Ark Investment silently added a big amount of Coinbase shares in its bag amid spreading panic news overcoming the Coibase’s staking services.
ARK Investment Management LLC is a US-based investment management company. This company is headquartered in St. Petersburg, Florida. The team behind this company manages several actively managed exchange-traded funds. In 2014, this company was founded by Cathie Wood. Ark has significant exposure in the shares of publicly listed crypto companies like Coinbase, Robinhood, etc.
On 10 Feb 2023, Ark Invest quietly purchased 162,325 Coinbase shares (COIN), which cost around $9,267,134.25. On the same day, the company also added 263,504 Robinhood shares (worth $2,629,769.92) to the portfolio.
Many experts noted that the latest decision by Ark to buy Coinbase shares was a strange strategy because in the recent few days Coinbase went through very big negative news over crypto staking services.
SEC, Kraken & fear
Recently the United States Securities and Exchange Commission (SEC) slammed Kraken’s staking services. Under the settlement, Kraken paid $30 million as a fine and also stopped crypto staking services for US customers.
After the SEC vs Kraken settlement news, many people noted that SEC may also hit the Coinbase exchange over its staking services and that news acted as a catalyst to create fear among the Coinbase shareholders.
Experts believe that if SEC will take a similar kind of action against Coinbase then in that situation Coinbase share price will plunge rapidly.
The last close trade price of COIN is $57.09 and this trade price is 21% down over the last 5 days of trade price.
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