Wednesday, June 7, 2023
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ARK Buys the Wells Dip With $17.7 Million COIN Purchase

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ARK Invest bought COIN low and sold it high this week.

On Tuesday, Cathie Wood’s fund sold 160,887 shares of COIN for $13.5 million when the stock was trading at around $83 per share. A little over 48 hours later, ARK bought the drop, buying 268,928 shares of COIN as the stock fell to close at $66.30 in the US on Thursday.

According to an email sent Thursday evening US time, 230,599 of those shares went to the ARK Innovation ETF (ARKK), while 38,329 of those shares went to the ARK Next Generation Internet ETF (ARKW).

Over the course of those two days Coinbase released that it received a Wells Notice from the Securities and Exchange Commission warning a company that the SEC plans to take enforcement action against it.

A Wells note means that the SEC has completed an investigation and believes the evidence gathered is substantial enough to warrant enforcement action. It does not guarantee enforcement action will be taken, and Coinbase has until March 29 to notify the SEC if it plans to challenge the enforcement action.

The The SEC also announced this on Wednesday that it is suing Justin Sun, the Tron Foundation, the BitTorrent Foundation and Rainberry (née BitTorrent) for selling unregistered securities and manipulating the market through wash trading. Internet personality is Jake Paul also sued for his alleged illegal promotion of Sun-Linked Crypto.

in one last twitter sectionCoinbase CEO Brian Armstrong said the company will become more politically involved and will ask its US-based users to vote for “pro-crypto candidates.”

“What we’re going to do is put out content where people can contact their congressman, donate to pro-crypto candidates, show up in town halls, and get your voice heard,” he said. “We will elect pro-crypto candidates in this country to ensure our success is assured.”

Despite the plunge caused by Wells, COIN is still up 97% year-to-date.

ARK also announced that it has purchased 320,557 shares of Block (SQ) with 275,554 of those shares going to ARKK.

Jack Dorsey’s fintech payments company, which has some crypto exposure, is also down 14% as of Thursday’s close notable short Hindenburg Research attacked it in a scathing report for “wildly” inflating user counts.

Block says the report is inaccurate and intends to “cooperate with the SEC and consider legal action against Hindenburg Research.”



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