Cathie Wood’s ARK Invest Rapidly Accumulating Coinbase (COIN) Stock As Crypto Exchange Goes International
Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US.
New data from Cathie’s Ark, a platform that tracks the investment of ARK Invest, reveals that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million.
The day before, data shows ARK making three purchases worth about $8.4 million.
The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty in the US.
The exchange says it will grant institutional investors the ability to trade perpetual Bitcoin (BTC) and Ethereum (ETH) futures under the new expansion.
“Coinbase launched Coinbase International Exchange and will begin by offering BTC and ETH perpetual futures settled in USDC (USD Coin) with up to 5x leverage to institutional clients in eligible jurisdictions outside of the US.”
Last week, ARK Invest also made significant acquisitions of COIN after the crypto exchange filed a motion against the U.S. Securities and Exchange Commission (SEC) in an attempt to compel the agency to respond to a previous request asking for guidance on crypto regulation.
At the time, three of ARK’s funds purchased 157,000 COIN shares for a combined $6.98 million.
Coinbase is currently facing a lawsuit that alleges it illegally stored its customers’ fingerprints and facial scans.
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Author: Mehron Rokhy
