The exchange is now focusing on international expansion due to SEC scrutiny.
As of this writing, the price of COIN stock has risen 2.35 percent.
Investment management company ARK Invest, managed by Cathie Wood, increased its holdings in Coinbase, the largest cryptocurrency exchange in the United States, on Tuesday. Amid the recent regulatory stand initiated by the exchange, the investment firm reportedly acquired an additional 147k shares of Coinbase (COIN).
Cathie Wood’s Ark Investment reportedly invested about $7.5 million in Coinbase. While the company purchased around 150,000 COIN. This development, however, comes on the heels of yesterday’s introduction of Coinbase’s International Exchange.
Eyeing International Expansion
The largest cryptocurrency exchange in the United States had a rough past month after receiving a notice from the Securities and Exchange Commission (SEC) about a prospective lawsuit. The value of $COIN has decreased by more than 19% in the previous month.
Due to a legal battle with the US SEC, the exchange is now focusing on international expansion. On March 22, 2023, the regulator sent the exchange a Wells Notice. But on April 25, 2023, Coinbase took action to clarify the rules by filing a motion with the regulator. As of this writing, the price of COIN stock has risen 2.35 percent, or 1.18 points, to $51.32.
The significant increase is due to two consecutive buys made by Cathie Wood’s Ark Invest and the recent announcement of expansion. Since the beginning of 2023, ARK Invest has been optimistic about Coinbase. In March, it increased its holdings in Coinbase by 2.4 million shares, and in April, it purchased 304,300 $COIN. Amid ongoing SEC scrutiny, major crypto firms in the U.S. are eyeing international expansion.