ARK Make investments, the funding administration agency based by legendary investor Cathie Wood, has celebrated Worldwide Staff’ Day by shopping for shares of the cryptocurrency change Coinbase.

On Might 1, ARK bought 129,604 Coinbase (COIN) shares for its ARK Innovation exchange-traded fund (ARKK), in keeping with an investor notification seen by Cointelegraph.

The funding firm additionally purchased 23,456 COIN shares for the ARK Subsequent Era Web ETF (ARKW) and 15,809 Coinbase shares for the Fintech Innovation ETF (ARKF). The whole buy amounted to 168,869 Coinbase shares, price round $8.5 million.

The acquisition makes up almost 50% of whole Coinbase shares purchased by ARK final month. In April, ARK bagged a complete of 304,300 COIN shares, price $17.5 million. Beforehand, ARK purchased 2.4 million COIN shares in March for about $117 million.

The most recent COIN purchases by ARK come amid the Coinbase inventory seeing one other wave of purple. On Monday, COIN misplaced 6.8% of worth amid the change dealing with a brand new class-action lawsuit alleging that the exchange violated privacy laws.

Associated: Coinbase exec uses ChatGPT ‘jailbreak’ to get odds on wild crypto scenarios

Over the previous month, Coinbase shares plummeted greater than 20%, dropping from a excessive of almost $72 in April to $50.1 on Monday, in keeping with information from TradingView.

Coinbase shares’ value chart over the previous 30 days. Supply: TradingView

The sharp decline of the COIN inventory value got here amid the continuing motion towards Coinbase by the US Securities and Alternate Fee (SEC). On March 22, the securities regulator sent Coinbase a Wells notice, suggesting enforcement motion towards the change. In response, Coinbase filed an action against the SEC on April 25, asking the regulator to reply 50 questions in regards to the regulatory remedy of sure digital belongings.

Journal: Crypto regulation — Does SEC Chair Gary Gensler have the final say?