Cathie Wood’s Ark Investment Management has doubled down on its investment in Coinbase after the U.S Securities and Exchange commission (SEC) sued the crypto exchange for allegedly violating securities law.
ARK, the second-largest holder of Coinbase Global (COIN) stock, bought 419,324 shares of Coinbase, worth around $21.6 million based on Tuesday’s closing price of $51.61.
Upon the purchase, Ark’s total Coinbase holdings now totals 11.44 million shares, valuing the position at around $590 million.
Following a similar suit against Binance, the SEC alleged Coinbase acted as a broker, exchange and clearing agency simultaneously without registering as any such organization.
