Cathie Wood’s Ark Invest is a backer of cryptocurrencies, especially Bitcoin (CRYPTO: BTC), and crypto-linked stocks. On Friday, the firm lapped up beaten-down shares of cryptocurrency exchange Coinbase Global, Inc. (NYSE: COIN).
Ark Invest, through its Ark Innovation ETF (NYSE: ARKK) and Ark Next-Generation Internet ETF (NYSE: ARKW), bought 162,325 Coinbase shares, valued at $9.27 million.
Also Read: EXCLUSIVE: ‘We Knew It Would Be A Bumpy Ride,’ Why Ark Invest Is Bullish Long Term On Elon Musk And Twitter
The stock shed about 24% this week after the SEC cracked down on crypto staking. Rival exchange Kraken paid $30 million to settle charges brought by the regulator, alleging that the exchange offered unregistered securities through its staking program.
Incidentally, ahead of the development, Coinbase CEO Brian Armstrong acknowledged in a tweet, rumors of a potential staking ban for retail customers in the U.S. and also expressed hopes it does not come to pass.
Notwithstanding the week’s drop, Coinbase shares are still 61% higher for the year-to-date period.
Coinbase closed Friday’s session down 4.26% at $57.09, according to Benzinga Pro data.
See also: EXCLUSIVE: Why DraftKings Is A Key Holding Of Ark Invest, Stands Out Ahead Of The Sports Betting Competition
Latest Ratings for COIN
|Mar 2022||Goldman Sachs||Maintains||Buy|
|Feb 2022||Compass Point||Maintains||Neutral|
|Feb 2022||Canaccord Genuity||Maintains||Buy|
View More Analyst Ratings for COIN
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