Amid the FTX and crypto market chaos, Cathie Wood-led Ark Investments has increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth about $12.1 million on Nov. 9.
Of the 237,675 COIN shares, Ark Investment Management added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and another 7,732 shares to its ARK Fintech Innovation ETF (ARKF).
Coinbase also added that it has no exposure to FTX’s native token FTT — which has fallen 84.08% since Binance announced its decision to liquidate its entire FTT holdings late on Nov. 7 — and its partner trading firm Alameda Research.
The large sell-off came in response to the U.S. Securities Exchange Commission (SEC) conducting an investigation into allegations of Coinbase engaging in the insider trading of unregistered securities.
Related: Breaking: Google taps Coinbase to bring crypto payments to cloud services However, Wood’s latest buying spree has brought the firm’s COIN shares tally back up to 7.625 million, which is about one million shares less than its peak of 8.675 million recorded on Jul. 20.
COIN’s stock went up 10.74% on Thursday, increasing its share price to $50.92, according to Yahoo Finance.
Source - Coin Telegraph

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