ARK Invest Buys $8 Million Worth of Coinbase Shares on International Workers’ Day

  • Even though Coinbase’s shares have fallen because of its legal issues with the SEC, Cathie Wood still thinks the crypto exchange will do well.

ARK Invest, a company started by famous investor Cathie Wood, bought shares of Coinbase, a company that lets people trade cryptocurrencies, on International Workers’ Day.

On May 1st, ARK Invest bought 129,604 shares of Coinbase for their ARK Innovation investment fund. This information was shared with investors, and Cointelegraph was able to see it.

ARK Invest also bought 23,456 shares of Coinbase for its ARK Next Generation Internet investment fund and 15,809 shares for its Fintech Innovation investment fund. In total, they bought 168,869 Coinbase shares which cost around $8.5 million.

ARK Invest, a company founded by Cathie Wood, bought almost half of the total Coinbase shares it acquired last month on May 1st, which was International Workers’ Day. They purchased 168,869 shares worth approximately $8.5 million for their different ETFs. In April, ARK bought 304,300 shares worth $17.5 million, and in March, they bought 2.4 million shares worth about $117 million.

Recently, Coinbase’s stock has been going down again, and ARK Invest made more purchases of Coinbase shares on May 1st. However, on Monday, Coinbase’s stock went down by 6.8% after a new lawsuit claimed that Coinbase broke privacy laws.