Managed by ARK Invest, ARK Innovation’s Flagship ETF Fund sold 135,152 Coinbase securities (~$13.4 million).
ARK Invest resumed buying platform shares in October 2022 after a pause of four months. The company consistently increased its positions and only in March 2023 got rid of the $13.5 million package.
At the end of April, the Kathy Wood funds bought $8.6 million worth of marketplace securities. The transaction occurred on the same day that Coinbase filed a legal complaint against the SEC.
In May, structures controlled by ARK Invest invested $8.3 million and $7.5 million in the crypto exchange.
The last purchase came on June 6, when the Commission sued the crypto exchange. Then the funds managed by ARK Invest bought in addition a total of 419,324 Coinbase shares worth $21.64 million.
The commission accused the company of unregistered offering of securities in the form of a number of tokens and illegally combining three functions – as a broker, exchange and clearing agency, which are usually separated in traditional markets. The regulator also targeted the Coinbase Earn staking program.
On that day, the platform’s shares fell 9.1%. At the moment, the drop in capitalization exceeded 13.5%.
Since then, as of July 11, the growth in the value of securities has reached 72.7% – they have risen in price from $51.6 to $89.2. Since the beginning of the year, the capitalization of the exchange has exceeded 151.9%.
The catalyst for positive dynamics could be news around applications for the launch of spot bitcoin ETFs.
On June 30, WSJ sources reported that the SEC returned the documents because they did not contain sufficient information regarding the so-called joint surveillance agreement or the details of this mechanism. The latter has become a key addition to the BlackRock offering.
Bloomberg reported the next day that Invesco, VanEck, 21Shares, WisdomTree and Fidelity sent The Commission revised the applications, taking into account the criticism of the regulator.
The listed companies included in the proposals a mention that they will be supported by the Coinbase exchange in joint supervision.
Recall that on July 6, a number of top managers, including platform CEO Brian Armstrong, sold a total of 88,058 shares for ~$6.9 million.
Previously, former SEC Chairman Jay Clayton saw great chances for Bitcoin ETF approval.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Managed by ARK Invest, ARK Innovation’s Flagship ETF Fund sold 135,152 Coinbase securities (~$13.4 million).
ARK Invest resumed buying platform shares in October 2022 after a pause of four months. The company consistently increased its positions and only in March 2023 got rid of the $13.5 million package.
At the end of April, the Kathy Wood funds bought $8.6 million worth of marketplace securities. The transaction occurred on the same day that Coinbase filed a legal complaint against the SEC.
In May, structures controlled by ARK Invest invested $8.3 million and $7.5 million in the crypto exchange.
The last purchase came on June 6, when the Commission sued the crypto exchange. Then the funds managed by ARK Invest bought in addition a total of 419,324 Coinbase shares worth $21.64 million.
The commission accused the company of unregistered offering of securities in the form of a number of tokens and illegally combining three functions – as a broker, exchange and clearing agency, which are usually separated in traditional markets. The regulator also targeted the Coinbase Earn staking program.
On that day, the platform’s shares fell 9.1%. At the moment, the drop in capitalization exceeded 13.5%.
Since then, as of July 11, the growth in the value of securities has reached 72.7% – they have risen in price from $51.6 to $89.2. Since the beginning of the year, the capitalization of the exchange has exceeded 151.9%.
The catalyst for positive dynamics could be news around applications for the launch of spot bitcoin ETFs.
On June 30, WSJ sources reported that the SEC returned the documents because they did not contain sufficient information regarding the so-called joint surveillance agreement or the details of this mechanism. The latter has become a key addition to the BlackRock offering.
Bloomberg reported the next day that Invesco, VanEck, 21Shares, WisdomTree and Fidelity sent The Commission revised the applications, taking into account the criticism of the regulator.
The listed companies included in the proposals a mention that they will be supported by the Coinbase exchange in joint supervision.
Recall that on July 6, a number of top managers, including platform CEO Brian Armstrong, sold a total of 88,058 shares for ~$6.9 million.
Previously, former SEC Chairman Jay Clayton saw great chances for Bitcoin ETF approval.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!