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Here’s what we got for you today:
🤯 Cathie Wood's bold move
🧱 Around The Block: Do Kwon could serve prison in both the US and South Korea
🤯 Cathie Wood's Bold Move: More Coinbase
Cathie Wood's Ark Investment Management, the second-largest shareholder of Coinbase's Global (COIN) stock, has increased its investment in the crypto exchange.
And this is all happening despite the recent legal troubles faced by Coinbase.😮
The SEC filed a lawsuit against Coinbase, which is the only publicly traded crypto exchange, accusing it of operating as a broker, exchange, and clearing agency simultaneously without registering as any of such organizations.
The lawsuit caused Coinbase's stock to go down over 12% at the end of U.S. trading hours on Tuesday.
So, how much did ARK invest?
ARK purchased 419,324 shares of Coinbase, which were valued at approximately $21.6 million based on Tuesday's closing price of $51.61.
Frankly, Cathie Wood seems like the type of person who would buy Coinbase stock even if it was down 99%. She’s basically a stock market degen. 😂
ARK didn't put all their investment in one basket though.
The investment was divided among:
ARK's Innovation ETF (ARKK)
The Next Generation Internet ETF (ARKW), and
The Fintech Innovation ETF (ARKF).
Ark's total holdings in Coinbase now amount to 11.44 million shares, with an estimated value of around $590 million.
Phew! Cathie buys Coinbase stock like Saylor stacks BTC.😅
We'll be eagerly watching to see how this daring investment pans out for Cathie Wood and Ark Investment Management.🕵️♂️⏳
🧱 Around The Block: Do Kwon could serve prison in both the US and South Korea.
🚨Prison Sentence: Do Kwon could serve prison in both the US and South Korea, prosecutor says.
📉 Trading Volumes: CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits.
💸 Crypto Payments: Major Australian banks to decline ‘certain’ payments to crypto exchanges.
⚖️ Class Action Lawsuit: EMAX class action against Kim K and Mayweather is back on, says the judge.
That's all we've got for you today.
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.
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