ARK’s Cathie Wood Is on a Buying Spree, Hoards $13 Million Worth Coin Shared Amid SEC Scare

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.