ARK Invest spends Int’l Workers’ Day buying $8M in Coinbase shares

ARK Invest, the financial investment management company founded by legendary investor Cathie Wood, has actually commemorated International Workers Day by purchasing shares of cryptocurrency exchange Coinbase.On May 1, ARK bought 129,604 Coinbase shares for its ARK Innovation exchange-traded fund (ETF), according to a financier notice seen by Cointelegraph.The investment firm also bought 23,456 Coinbase shares for its ARK Next Generation Internet ETF and 15,809 for its Fintech Innovation ETF. The whole purchase amounted to 168,869 Coinbase shares, worth around $8.5 million.The acquisition comprises nearly 50% of the total Coinbase shares purchased by ARK last month. In April, ARK bagged a total of 304,300 shares worth $17.5 million. Previously, ARK bought 2.4 million shares in March for about $117 million.The most current purchases by ARK come amid Coinbase stock seeing another wave of red. On Monday, Coinbase shares dropped 6.8% amidst news of a brand-new class-action suit declaring the exchange broke privacy laws.Related: Coinbase exec utilizes ChatGPT jailbreak to get odds on wild crypto scenariosOver the past month, Coinbase shares plunged more than 20%, dropping from a high of nearly $72 in April to $50.1 on Monday, according to data from TradingView.Coinbase shares rate chart over the previous 30 days. Source: TradingViewThe sharp decrease in Coinbases stock price came in the middle of continuous action versus Coinbase by the United States Securities and Exchange Commission (SEC). On March 22, the securities regulator sent Coinbase a Wells notification, suggesting enforcement action against the exchange. In action, Coinbase filed a motion versus the SEC on April 25, asking the regulator to address 50 questions concerning the regulatory treatment of specific digital assets.Magazine: Crypto guideline– Does SEC Chair Gary Gensler have the last word?