ARk Invest has made a huge move this week, buying up a large amount of COIN at a discounted rate.
On Tuesday, Cathie Wood’s fund sold 160,887 shares of COIN for $13.5 million when the stock was priced at approximately $83 a share. Just 48 hours later, ARK used the dip in the market to purchase 268,928 shares. By the closing of Thursday in the U.S., the stock was down to $66.30.
According to a Thursday night email, 230,599 of the shares went to the ARK Innovation ETF (ARKK), while 38,329 shares went to ARK Next Generation Internet ETF (ARKW).
The move came just after Coinbase disclosed that it had received a Wells Notice from the Securities and Exchange Commission, which warns businesses that it is planning to enforce its rights against them. A Wells Notice means that the SEC believes it has evidence that supports an enforcement action, and Coinbase has until March 29 to notify the SEC of its intention to contest the enforcement.
The SEC also announced Wednesday that it is suing Justin Sun and the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly BitTorrent) for selling unregistered securities and manipulating the market via wash trading. Internet celebrity Jake Paul is also being sued for his alleged illegal promotion of a Sun-linked crypto.
In a recent Twitter post, Coinbase CEO Brian Armstrong stated that the company would be getting more politically involved and inviting its U.S. users to elect “pro-crypto candidates.”
“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, make your voice heard,” He said. “We are going to elect pro-crypto candidates in this country to make sure that our success is ensured.”
Despite the Wells Notice, COIN is still up 97% year to date, despite the dip caused by a system error. ARK also revealed that it purchased 320,557 shares of Block (SQ), with 275 554 shares going towards ARKK.
Jack Dorsey’s fintech payments company, Square, which has some crypto exposure, is down 14% as of market close Thursday after short-seller Hindenburg Research issued a damning report, “wildly” overstating user counts. Square has denied the report and is looking into “working with the SEC and exploring legal action against Hindenburg Research.”
You can find more information at recent Twitter space.