The post ARK’s Cathie Wood Is on a Buying Spree, Hoards $13 Million Worth Coin Shared Amid SEC Scare appeared first on Coinpedia Fintech News
After Coinbase Global Inc. COIN’s positive quarterly results, it was reported by Coindesk that Cathie Wood-headed ARK Investment Management bought 213,519 shares for an estimated $13 million. Interestingly, as cryptocurrencies recover from a terrible 2022, Coinbase stock has increased by more than 82% this year.
Despite the fact that Coinbase’s Q4 earnings, which were released on Tuesday, exceeded expectations, COIN shares fell marginally on Wednesday, ending the day down 1.43% at $61.18. Coinbase stock started 2023 on a bullish note, more than tripling in value from about $34 to $81 in January before slightly declining this month. After the market closed on Tuesday, Coinbase announced fourth-quarter revenue of $629.1 million, above the Street forecast of $586.2 million.
“We enter 2023 with a focus on cost management, efficiency, and a goal to improve full-year adjusted EBITDA. Crypto remains volatile and we have limited ability to forecast our transaction revenue, which remains correlated with crypto market capitalization and crypto asset volatility,” the company said.
It seems like Cathie Wood is certain that she is using the pressure as an opportunity to restructure her portfolio and focus more on how her funds will once again outperform the market once the rising inflation and the Federal Reserve’s rate hikes have passed.
Coming back to the regulatory crackdown, a $1.02 billion agreement by Binance’s U.S. division to buy the assets of the insolvent crypto lender Voyager Digital may be against the law, according to the U.S. Securities and Exchange Commission.
According to the SEC, the redistribution of crypto assets to account holders, especially Voyager’s VGX token, may constitute the sale of unregistered securities. On Wednesday, creditors overwhelmingly supported the sale of Voyager to Binance.US, voting 97% in favor of the agreement.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks