ARK Invest's Katie Wood directed $9.3 million to buy Coinbase stockARK Invest's flagship fund called Ark Innovation ETF (ARKF) bought 139,105 shares of Coinbase and ARK Next Generation Internet ETF (ARKW) bought 23,220. Altogether the structures could spend about $9.27 million.
The decision was made against the background of the bitcoin exchange capitalization decrease by 23.5% for the last week. Since the beginning of the year, shares have risen by 61.3%.
On Feb. 10, Coinbase shares fell 4.26%.
The decline was seen against the backdrop of a warning to cryptocurrency platforms from SEC head Gary Gensler to "take note" of Kraken's decision to close the steering program for U.S. clients.
Before that, it became known that the exchange will pay a fine of $30 million and close the relevant service. The latter was not registered, according to the agency.
On February 13, Coinbase CEO Brian Armstrong said that the platform's steaking services should not be considered an offer of securities. He said the company is ready to defend that assertion in court.
Armstrong previously spoke out against banning steaking for retail investors, calling it a "horrible way to go."
Recall that in October 2022, ARK Invest bought Coinbase stock for the first time since June. The company's structures spent another $21.4 million for this purpose in November, $3 million and $5 million in December.
