ARK Investment Management LLC continued to buy Coinbase stock, purchasing around $12.6 million worth of shares on Friday, March 24th. Around 155,833 shares went to the company’s ARK Innovation EFT, while an additional 26,395 shares were allocated to its ARK Next-Generation Internet EFT.
This is the second day in a row that Cathy Wood’s company has snapped up Coinbase stock since the latter was served a Wells Notice by the US Securities and Exchange Commission (SEC) on Wednesday, March 22nd. This caused the value of Coinbase stock to drop by 16% the day after the notice was served.
The SEC issues Wells Notices to prospective respondents to advise them on the grounds for charges that the regulatory body means to bring against them. This gives respondents – Coinbase, in this case – time and opportunity to submit a written statement in their defense.
Coinbase shares rallied somewhat on the 24th, gaining around 1.5% to close the week at $67.83 per share.
Getting Rid of Tesla
Interestingly, even as ARK Invest snapped up Coinbase and Block stocks last week, it also appeared to be divesting its Tesla shares well ahead of the electric vehicle maker’s deliveries report for the first quarter of this year.
ARK Innovation ETF ARKK and ARK Next-Generation Internet ETF ARKW, respectively, sold 119,151 and 11,547 Tesla shares on Friday, earning around $24.98 million in proceeds.
The day before, ARK sold an additional 139,000 shares cumulatively valued at $26.8 million.
As of Monday, March 27th, ARK has already divested around $51.78 million worth of its Tesla holdings. Nevertheless, Tesla stock remains the top holding of ARK’s ARKK fund, making up 10.54% of its total investment portfolio.