"Cathie Wood is the best, her interest in COIN stocks never fades."
Investment management company Ark Invest, founded by 68-year-old Cathie Wood, reportedly increased its stake in cryptocurrency exchange giant Coinbase on Tuesday.
Explained in more detail, Ark Invest has bought as many as 147,000 shares of Coinbase (COIN) even though the crypto exchange has recently faced some problems following actions by regulators.
After Coinbase introduced their International Exchange, the investment company also took steps to spend nearly $7.5 million to buy around 150,000 shares of COIN on Monday.
But over the past one month, the price of COIN dropped by more than 19% after Coinbase received a regulatory warning, where they may be subject to a lawsuit by the Securities and Exchange Commission (SEC) of the United States (US).
Its stock also saw significant declines when the SEC sent a Wells Notice* to Coinbase on March 22, 2023, but the crypto exchange continued to file a motion against the regulator on April 25, 2023 seeking regulatory clarity.
*Official notice from the SEC to inform the recipient that the agency plans to bring enforcement action against them
Pleased to be informed that Ark Invest which has been continuously buying COIN shares has been the reason for the massive price jump, but now the price has dropped back to $51.32 after reaching $71.67 on April 18, 2023.
For the record, Ark Invest, which has been very optimistic about the crypto exchange since a long time ago, acquired 304,300 COIN in April and then added 4.4 million COIN in March.
