- They do it for the second day in a row
- Stocks have fallen over 20% in the last month.
Ark Invest again increased their positions in Coinbase. This night they bought brand shares for about $7.5 million. Recall that yesterday, three funds from Ark in total acquired assets of a crypto firm for a total of $8.4 million. And before that, Katie Wood’s company conducted a number of similar transactions. For example, on the day of the lawsuit against the SEC, she bought shares of Coinbase for $8.6 million.
Active purchases of ARK occur against the backdrop of a fall in the price of Coinbase shares. On Monday, they fell by 6.8%. The reason was a new class action lawsuit in which the crypto exchange was accused of violating privacy laws.
Collectively, Coinbase shares fell over 20% in April, from $72 to $50.1. But if we take indicators from the beginning of the year, then assets have risen in price by more than 50%.
The sharp fall in the rate in April began against the backdrop of tough measures against the stock exchange by the US SEC. On March 22, the regulator sent Coinbase a notice of possible litigation. In response, Coinbase filed its own petition against the SEC on April 25. They ask the regulator through the court to answer 50 questions about the regulatory attitude towards certain digital assets. The case is still under consideration, but its outcome is likely to also affect the price of the brand’s shares.
Citigroup downgraded Coinbase today due to problems with the authorities. They expect the shares of the crypto exchange to fall in price further. But investor Kathy Wood remains bullish and continues to believe in the company’s prospects.