Ark Invest Buys $21.6 Million Worth Coinbase Shares, Despite Legal Drama
A day back, the SEC sued Coinbase on account of violating U.S. security laws. The regulator contended that Coinbase never registered with the SEC as a broker, national securities exchange, or clearing agency. In effect, the SEC claimed, the crypto exchange evaded the disclosure regime set by regulators. Alongside, the agency also deemed several crypto tokens to be unregistered securities. On the news of the said development, Coinbase shares started losing value. It shed around a fifth of its value during the pre-market hours. The same pessimistic sentiment was rolled over when the market opened. With no hardly any mercy shown by bears, COIN closed 12.09% lower, at $51.61 on Tuesday June, 6. Coinbase Stock Price by TradingView Also Read: SEC Sues Coinbase, Citing U.S. Securities Law Violations Despite the legal drama and price dip, Cathie Wood ’s Ark Invest bought Coinbase shares worth millions yesterday. In batches of 329.7k, 53.8k, and 35.6k, the investment manager adde