Cathie Wood Boosts Coinbase Stake as SEC Crypto Crackdown Widens
- Ark funds bought more than 400,000 Coinbase shares on Tuesday
- SEC accused Coinbase this week of running illegal exchange
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Cathie Wood’s funds boosted their holdings of Coinbase Global Inc. as shares slumped after the Securities and Exchange Commission accused the company of operating an unlawful exchange.
Three Ark Investment Management LLC funds, including Wood’s flagship Ark Innovation ETF, bought 419,324 shares of the cryptocurrency exchange operator Tuesday as it tumbled as much as 21%, data compiled by Bloomberg show. Shares of the company rebounded to rise as much as 4.2% in premarket trading on Wednesday.