ARK Invest, the investment management firm founded by the legendary investor cathie woodhas celebrated International Workers' Day by buying shares of the Coinbase cryptocurrency exchange.
On May 1, ARK bought 129,604 shares of Coinbase (COIN) for its ARK Innovation (ARKK) exchange-traded fund, according to an investor notification seen by Cointelegraph.
The investment company also bought 23,456 shares of COIN for the ARK Next Generation Internet ETF (ARKW) and 15,809 shares of Coinbase for the Fintech Innovation ETF (ARKF). The total purchase amounted to 168,869 Coinbase shares, worth around $8.5 million.
The acquisition represents almost 50% of the total Coinbase shares purchased by ARK last month. In April, ARK acquired a total of 304,300 COIN shares, worth $17.5 million. Previously, ARK bought 2.4 million shares of COIN in March for about $117 million.
ARK's latest COIN purchases come amid Coinbase stocks seeing another wave of red. On Monday, COIN lost 6.8% in value amid the stock market facing a new class action lawsuit. claiming that the exchange violated privacy laws.
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Over the past month, Coinbase shares have tumbled more than 20%, going from a high of nearly $72 in April to $50.1 on Monday, according to data from TradingView.
The sharp drop in COIN's share price came amid the ongoing action against Coinbase by the United States Securities and Exchange Commission (SEC). On March 22, the the securities regulator sent Coinbase a notice from Wells, suggesting an enforcement action against the exchange. In response, Coinbase filed an action against the SEC on April 25, asking the regulator to answer 50 questions about the regulatory treatment of certain digital assets.
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