During the crypto winter, ARK made a series of buys of Coinbase's stock. Throughout 2022,COIN underperformed both bitcoin and etherand its shares dropped 86% during the year.
ARK's most recent purchase of COINwas in early March, when the company acquired a total of over 350,000 shares of Coinbase, including 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW) valued at $22 million.
Year-to-date, COIN is up nearly 150% and closed the Tuesday trading day in the U.S. at $83.99. The stock is still down 54% over the last calendar year. It was listed in April 2021 at $342, and has only come close to rising over its listing price at the height of the bull market in November 2021.
Recently, ARK announced that it hasraised $16 millionfor a new private crypto fund.
Ethereum’s Shanghai upgrade, which allowed withdrawals from its proof-of-stake network starting in April, unleashed fresh demand to stake the second largest cryptocurrency. Staking lets crypto owners lock up tokens to participate in securing the network as a validator in exchange for a reward, making it a popular investment among long-term investors including institutional investors.
Some of the filing continues to reiterate Coinbase's already-live public statements, arguing that current SEC Chair Gary Gensler changed his position on the regulator's authority over crypto between taking office in April 2021 and mid-2022; saying the company has asked for regulation; and noting that Congress has started looking at the issue of crypto regulation.
Furthermore, it introduces the prospect of mandatory reimbursement for victims of Authorised Push Payment (APP) scams. APP scams have been a prevalent issue in the UK, with the bill targeting tighter controls on those who approve financial promotions for others, thereby bringing more accountability to the financial ecosystem.