Securities and Exchange Commission (SEC) Ark Invest CEO while accusing Coinbase of operating an illegal exchange Katie Woodin your hand Coinbase increased its shares.
Bloomberg Three Ark Investment Management LLC funds, including Wood’s Ark Innovation ETF, have purchased 419,324 shares of COIN, according to data compiled by Coinbase’s share value dropped more than 20 percent after the SEC filed suit. Wood also evaluated this decline.
Ark is Coinbase’s fourth largest owner. The company has been adding to its stake for nearly a year despite the crypto market volatility caused by the collapse of Sam Bankman-Fried’s empire, expanding US regulatory pressure, and bankruptcies among companies in the industry.
According to the SEC, Coinbase allows its users to trade many cryptocurrencies that are essentially unregistered securities and has been evading regulatory rules for years.
In the meantime, let’s say that the stock market is willing to take the legal fight to the Supreme Court.
Coinbase and SEC
Pressures on Coinbase range from California to New Jersey. State regulators have requested that customers stop the staking service, which offers a return on allowing their tokens to be used to facilitate blockchain transactions.
Ark sold some of its Coinbase holdings in July, citing regulatory uncertainty after the SEC considered some tokens listed on the US exchange’s platform as securities.
Wood’s flagship fund has appreciated 37 percent this year. The Ark Innovation ETF fell 67% last year.
Wood’s company owned more than 11.7 million shares of Coinbase as of March 31. This means 6.3 percent of the current shares.
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