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News

ARK Invest Seizes Opportunity With $17.7 Million Wells Dip Buy

March 24, 2023 - Around 3 mins mins to read

Key Points:

  • ARK Invest made some significant moves in the cryptocurrency market.
  • Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days.
  • SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading.
ARK Invest made some significant moves in the cryptocurrency market.
ARK Invest Seizes Opportunity With 17.7 Million Wells Dip Buy

On Tuesday, Cathie Wood’s fund sold over 160,000 shares of Coinbase for $13.5 million when the stock was hovering around $83 per share. However, just over 48 hours later, ARK Invest bought back in and purchased over 268,000 shares of Coinbase as the stock fell to $66.30. Of these shares, 230,599 went to the ARK Invest Innovation ETF while 38,329 went to the ARK Next Generation Internet ETF.

Interestingly, Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days. A Wells Notice is a warning from the SEC that it is planning to take enforcement action against a business. In this case, the SEC has concluded an investigation and believes that evidence gathered is substantial enough to warrant enforcement action. However, it’s important to note that a Wells Notice doesn’t guarantee enforcement action, and Coinbase has until March 29 to advise the SEC if it plans to contest the enforcement action. This news may have contributed to the dip in Coinbase’s stock price, but despite this, Coinbase is still up 97% year-to-date.

ARK Invest Seizes Opportunity With 17.7 Million Wells Dip Buy 1

In addition to Coinbase, the SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading. Internet personality Jake Paul is also being sued for his alleged illegal promotion of Sun-linked crypto. These lawsuits highlight the regulatory challenges that continue to affect the cryptocurrency industry.

Despite these challenges, Brian Armstrong, the CEO of Coinbase, recently announced on Twitter that the company plans to become more politically involved and call on its U.S.-based users to elect “pro-crypto candidates.” Armstrong hopes to create more support for the cryptocurrency industry and ensure that Coinbase’s success is ensured.

Another interesting development is that ARK Invest also disclosed that it has purchased 320,557 shares of Square, with 275,554 of these shares going to the ARK Innovation ETF. Square is a fintech payments company founded by Jack Dorsey, who also co-founded Twitter. Square has some exposure to the cryptocurrency market, and its stock is down 14% as of market close on Thursday after Hindenburg Research attacked it for “wildly” overstating user counts.

ARK Invest’s moves in the cryptocurrency market this week highlight the volatility and regulatory challenges that continue to affect the industry. These developments will be important to watch as the cryptocurrency market continues to evolve and more players enter the space.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

# Cryptocurrencies

ARK

Ark Invest

crypto

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

ARK Invest Seizes Opportunity With $17.7 Million Wells Dip Buy

Key Points:

  • ARK Invest made some significant moves in the cryptocurrency market.
  • Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days.
  • SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading.
ARK Invest made some significant moves in the cryptocurrency market.
ARK Invest Seizes Opportunity With 17.7 Million Wells Dip Buy

On Tuesday, Cathie Wood’s fund sold over 160,000 shares of Coinbase for $13.5 million when the stock was hovering around $83 per share. However, just over 48 hours later, ARK Invest bought back in and purchased over 268,000 shares of Coinbase as the stock fell to $66.30. Of these shares, 230,599 went to the ARK Invest Innovation ETF while 38,329 went to the ARK Next Generation Internet ETF.

Interestingly, Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission (SEC) during these two days. A Wells Notice is a warning from the SEC that it is planning to take enforcement action against a business. In this case, the SEC has concluded an investigation and believes that evidence gathered is substantial enough to warrant enforcement action. However, it’s important to note that a Wells Notice doesn’t guarantee enforcement action, and Coinbase has until March 29 to advise the SEC if it plans to contest the enforcement action. This news may have contributed to the dip in Coinbase’s stock price, but despite this, Coinbase is still up 97% year-to-date.

ARK Invest Seizes Opportunity With 17.7 Million Wells Dip Buy 1

In addition to Coinbase, the SEC also announced on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry (formerly known as BitTorrent) for selling unregistered securities and manipulating the market via wash trading. Internet personality Jake Paul is also being sued for his alleged illegal promotion of Sun-linked crypto. These lawsuits highlight the regulatory challenges that continue to affect the cryptocurrency industry.

Despite these challenges, Brian Armstrong, the CEO of Coinbase, recently announced on Twitter that the company plans to become more politically involved and call on its U.S.-based users to elect “pro-crypto candidates.” Armstrong hopes to create more support for the cryptocurrency industry and ensure that Coinbase’s success is ensured.

Another interesting development is that ARK Invest also disclosed that it has purchased 320,557 shares of Square, with 275,554 of these shares going to the ARK Innovation ETF. Square is a fintech payments company founded by Jack Dorsey, who also co-founded Twitter. Square has some exposure to the cryptocurrency market, and its stock is down 14% as of market close on Thursday after Hindenburg Research attacked it for “wildly” overstating user counts.

ARK Invest’s moves in the cryptocurrency market this week highlight the volatility and regulatory challenges that continue to affect the industry. These developments will be important to watch as the cryptocurrency market continues to evolve and more players enter the space.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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