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ARK has now snapped up another 162,325 COIN shares for roughly $9.2 million.
Popular investor and Ark Invest CEO Cathie Wood has yet again bought shares of one of her favorite stocks – Coinbase (NASDAQ: COIN). This follows after the popular investor took nearly a month-long break from the investment scene. Recall that ARK last bought COIN shares back in mid-January. That was when it purchased about $3.3 million worth of shares of the exchange. However, going by its recent statement, ARK has now snapped up another 162,325 COIN shares for roughly $9.2 million.
Coinbase (COIN) Stock Hit amid SEC’s Digital Assets Campaign
COIN saw a record-breaking rally in January, establishing a nearly 95% rise at the time. However, a lot has since happened and now it has lost 20% in the last week alone.
Most of the loss, however, appears to be a result of how US regulators — particularly the SEC, are intensifying their scrutiny of the digital assets industry.
As of publication, there is nothing yet to indicate that the Securities and Exchange Commission (SEC) intends to go after Coinbase’s staking services just as it did with rival exchange Kraken. Although Coinbase insists that its staking service is “fundamentally different” from that of Kraken’s. Nonetheless, it is understandable that there is a possibility of the SEC coming after the exchange. And as Coinbase CEO Brian Armstrong says, the exchange is ready to go to court over the issue.
For now, however, a Wall Street Journal report confirms that the SEC currently has its eyes fixed on Paxos as the latest target of its enforcement campaign.
Cathie Wood’s Investment Appeal
Without a doubt, Wood has recently become somewhat of an investment celebrity. That is despite her mostly seeing what appears to be mediocre returns in recent times. But 2020 was a major boost for her status when Ark Innovation skyrocketed by over 150%.
Additionally, her ability to explain financial concepts in layman’s terms and in ways that novice investors can understand is another advantage that has kept her going in the industry.
ARK’s Innovation ETF (ARKK) is up 28% year-to-date, while the ARK Fintech Innovation ETF (ARKF) is also up 25% so far.