Cathie Wood’s ARK Invest Is Now Accumulating More Coinbase Stock (COIN)

Accoridng to the latest reports, it seems that Cathie Wood’s ARK Invest accumulates more Coinbase Stock (COIN). Check out the latest reports about the matter below.

New data reveals the fact that Cathie Wood’s ARK Invest added more than 157,000 Coinbase (COIN) shares this week as the top US crypto exchange goes on the offensive against the U.S. Securities and Exchange Commission (SEC).

During the course of this week, on Monday, three of ARK Invest’s funds made separate purchases of COIN shares worth a combined $6.98 million at time of writing.

“Coinbase shares currently make up 4.74% of ARK’s combined portfolio. The three funds’ estimated cost averages for COIN are $239.60, $254.65, and $242, all of which are far greater than Coinbase’s current share price, which currently sits at $56.86,” the online publication the Daily Hodl notes.

Not too long ago, we revealed the fact that Coinbases’s CEO Brian Armstrong believes the legislative branch of the government has to step in and stop the US SEC from driving the crypto industry out of the country. Check out more details about the issue below.

Armstrong said that Coinbase has met with the SEC in order o push for a rule book that offers regulatory clarity for crypto players in the USA.

Coinbase’s CEO noted that the regulatory bodies have to enact the policies before they enforce them.

Spent the day in DC meeting with members of congress. We need regulatory clarity in the U.S. for the centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc.

The SEC has caused untold harm to America with its policy of… pic.twitter.com/eV13Ny66db

— Brian Armstrong (@brian_armstrong) April 20, 2023

“Met with the SEC today. We’ll continue pushing for a clear rule book in the US for crypto regulations.

The US can’t afford to fall behind on this important technology to update the financial system.

Also important for regulators to set policy and THEN enforce it. Not start with enforcement before there are clear rules. At this point seems like Congress will need to step in.”