- Now all eyes on Kathy Wood
- More specifically, whether her Ark Invest fund will continue to buy Coinbase shares.
Shares of Coinbase, the largest US crypto exchange, fell today at 9.05%. As many readers already know, the reason was the main news of the week – the SEC lawsuit against Binance. Shares of MicroStrategy, the world’s largest corporate holder of bitcoin, fell 8.53%.
Coinbase has its own legal battle with the SEC. In March, the regulator said the platform violated investor protection laws and threatened enforcement action. In April, Coinbase reported that the SEC’s actions undermine the regulator’s own credibility as the controller of companies that register sales of shares to the public. The exchange has gone to court to force the commission to publicly respond to their request for clearer crypto regulations. They believe that the war with the industry is beneficial to China.
Today, the market is expecting more news about the fate of Coinbase and the entire crypto industry in the US. After all, the general counsel of the exchange, Paul Grewal, will give testimony before the House Agriculture Committee.
He is preparing to convince the department of the need to create clear rules. Politicians will also discuss the structure of the digital asset market.
Investors will now be watching Cathy Wood and her Ark Invest funds. The company often buys Coinbase shares when they fall. And then sells with a good profit.