The tech-focused investment manager owns over 10.5 million shares in Coinbase making it one of the largest holders of the stock.

Cathie Wood’s ARK Invest sold another $50.5 million worth of Coinbase (COIN) shares on July 14 to cash in on the recent rally in the cryptocurrency exchange stock.

ARK sold over 480,000 COIN shares across three different funds. The tech-focused investment manager owns over 10.5 million shares in Coinbase making it one of the largest holders of the stock.

Coinbase shares recently rose to a one-year high of $107 after the exchange announced surveillance-sharing agreements with five spot bitcoin exchange-traded fund applicants, which may prove to be the breakthrough in the Securities and Exchange Commission (SEC) finally approving such a fund to be listed in the U.S.

ARK sold $12 million worth of COIN shares on July 11 after the stock rallied to a then one-year high of around $89. Shares of Coinbase closed 1.58% lower at $105.31 on Friday.

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Coinbase shares tumbled 16% Thursday, after the company disclosed late Wednesday it had received a Wells Notice from the Securities and Exchange Commission.

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 at approximately $83 a share. Just over 48 hours later, ARK bought the dip and purchased 268,928 shares of COIN as the stock fell and closed Thursday in the U.S at $66.30.

According to an email sent out Thursday night U.S. time, 230,599 of these shares went to ARK Innovation ETF (ARKK) while 38,329 of these shares went to the ARK Next Generation Internet ETF (ARKW).

In the course of those two days, Coinbase disclosed that it received a Wells Notice from the Securities and Exchange Commission, which warns a business that the SEC is planning to take enforcement action against it.

A Wells Notice signifies that the SEC has concluded an investigation and believes the evidence it has gathered is substantial enough to warrant enforcement action. It doesn’t guarantee that enforcement action will take place, and Coinbase has until March 29 to advise the SEC if it plans on contesting the enforcement action.

The SEC also announced 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 via wash trading. Internet personality Jake Paul is also being sued for his alleged illegal promotion of Sun-linked crypto.

In a recent Twitter space, Brian Armstrong, the CEO of Coinbase, said that the company was going to get more politically involved and call on its U.S.-based users to elect “pro-crypto candidates.”

“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, make your voice heard,” he said. “We are going to elect pro-crypto candidates in this country to make sure that our success is ensured.”

Despite the Wells-induced dip, COIN is still up 97% year-to-date.

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

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

The post ARK Buys the Wells Dip With $17.7 Million COIN Purchase appeared first on Crypto Insider.

COIN is down 20% during the last week after a record-breaking rally in January where it rose nearly 95%.

Cathie Wood is back to buying up shares of Coinbase (COIN), after a nearly month-long break, as ARK disclosed it had purchased 162,325 shares of COIN on Friday.

ARK’s last purchase of COIN was in mid-January when it bought $3.3 million worth of shares of the exchange.

The $9.2 million dollar buy comes as U.S. regulators increased their scrutiny of the digital assets industry. While the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken, questions remain as to if it might come after it in a second enforcement blitz.

A Wall Street Journal report from early Monday said that Paxos is the latest target of the SEC’s enforcement campaign over its Binance USD (BUSD) token.

ARK’s Innovation ETF (ARKK) is up 28% year-to-date, while the ARK Fintech Innovation ETF (ARKF) is up 25% so far this year.

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