ARK Invest‑managed funds bought more Coinbase shares for $8.3 million.
The funds allocated the assets as follows:
- flagship ARK Innovation ETF — 129,604 shares for $6.4 million;
- ARK Next Generation ETF — 23,456 shares for $1.1 million;
- TF ARK Fintech Innovation — 15,809 shares for $790,000.
Cathie Wood’s venture firm bought the shares at $49.97.
The funds boosted their positions the day after Coinbase was sued for privacy-law violations related to the KYC procedure.
In the last 24 hours, Coinbase shares fell sharply, down 10.5% from $54.21 to $48.49. As of writing, their price had recovered to $50.14.
ARK Invest resumed buying Coinbase shares in October 2022 after a four-month pause. The company had steadily built up its positions in the stock, and only in March 2023 unwound a position worth $13.5 million.
In late April, Cathie Wood’s funds bought more Coinbase shares for $8.6 million. The deal occurred on the same day Coinbase filed a lawsuit against the SEC.