ARK Invest added more shares to its Coinbase holding on the same day the SEC filed a lawsuit against cryptocurrency exchange Coinbase.
According to ARK Invest's June 6 investor notice, the firm added about 419,324 shares of Coinbase Global Inc. stock, for a total value of nearly $21.6 million as of the day's close.
This follows a plunge in coinbase stock of more than 20% on june 6 following onGoing sec action and rencent laWSUINTEMENTS. At the time of writing, Coinbas e shares are hovering design $ 53.11. Adding Coinbase Stock to the ARK Invest Portfolio is a Trend. About. About. A Month Ago, on May 2, ARK Invest Added 168,869 Shares of Coinbase Stock, Equivalent to About $ 8.5 Million. The FIRM Also Invested 2.4 Million Shares Worth Abo UT $ 117 miss and 304,300 shares word $ 17.5 Million in march and April.
The recent SEC lawsuit against Coinbase alleges that the exchange offered unregistered securities and that it was never registered as a broker, national securities exchange, or clearinghouse. Coinbase CEO Brian Armstrong responded on Twitter, saying his team had "full confid ence in our facts and laws .” He went on to say that he welcomes the opportunity to “finally figure out the rules of encryption” in court.
Coinbase's chief legal officer, Paul Grewal, told Congress on June 6 that the company has been “under regulation” since its inception and that it will meet with the SEC 30 times in 2022 alone to seek regulatory guidance. On June 6, Coinbase also received a show-cause order from a task force of national security regulators in states including Alabama, California, Illinois, and Vermont. It claimed that the exchange violated securities laws by offering its staking rewards program.
