ARK Invest Acquires Over 157,000 Coinbase Shares Amid Crypto Exchange’s Standoff with SEC

This week, Cathie Wood‘s ARK Invest acquired over 157,000 shares in Coinbase (COIN), the leading US cryptocurrency exchange, which is currently challenging the U.S. Securities and Exchange Commission (SEC).

On Monday, three separate ARK Invest funds collectively purchased COIN shares valued at $6.98 million at the time of writing.

At present, Coinbase shares constitute 4.74% of ARK’s combined portfolio. The three funds’ estimated average costs for COIN are $239.60, $254.65, and $242, all significantly higher than Coinbase’s current share price of $56.86.

The acquisition coincides with Coinbase’s legal motion to require the SEC to respond to a previous petition from the company seeking guidance for the digital asset sector. Coinbase initially submitted the rulemaking petition in July last year but has not yet received a definitive response from the regulator.

Last month, the SEC issued a Wells Notice to Coinbase, indicating a “preliminary determination” to recommend enforcement action against the crypto exchange for alleged securities law violations.

Despite the ongoing crypto winter in 2022, ARK’s CEO Wood maintains a bullish outlook on Bitcoin (BTC), forecasting earlier this year that the premier cryptocurrency will skyrocket by over 2,000% within the next seven years.