In total, on May 1st, ARK Invest bagged close to 170,000 Coinbase shares.
ARK Invest, an American investment management firm founded by Cathie Wood, marked International Workers' Day by snapping up crypto exchange Coinbase shares.
On May 1st, ARK Invest acquired 129,604 shares of Coinbase for its ARK Innovation exchange-traded fund (ETF).
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Additionally, the firm purchased 23,456 shares for its ARK Next Generation Internet ETF and 15,809 shares for its Fintech Innovation ETF.
Altogether, on International Workers' Day, ARK Invest bought 168,869 Coinbase shares, valued at roughly $8.5 million.
This purchase accounts for nearly half of the total Coinbase shares acquired by ARK in April, when the firm bought 304,300 shares worth $17.5 million. In March, ARK Invest also purchased 2.4 million shares for approximately $117 million.
These recent acquisitions come as Coinbase's stock faces another dip. On Monday, the shares fell by almost 7% in response to news of a class-action lawsuit alleging the exchange violated privacy laws.
Over the past month, Coinbase shares have plummeted more than 20%, falling from a high of nearly $72 in April to $49.40 as of pre-market value on May 2nd.
The ongoing decline in Coinbase's stock price occurs amid continued scrutiny by the United States Securities and Exchange Commission (SEC). It is worth noting that at the end of March, crypto exchange Coinbase received SEC's Wells Notice over alleged securities law violations.
On top of that, Coinbase continues to show its character during a dispute with the Securities and Exchange Commission and has taken legal action to urge the nation's securities regulator to address a petition that has been lingering since July 2022.
