ARK Make investments, the funding administration agency based by legendary investor Cathie Wooden, has celebrated Worldwide Staff’ Day by shopping for shares of cryptocurrency alternate Coinbase.

On Could 1, ARK bought 129,604 Coinbase shares for its ARK Innovation exchange-traded fund (ETF), in line with an investor notification seen by Cointelegraph.

The funding firm additionally purchased 23,456 Coinbase shares for its ARK Subsequent Technology Web ETF and 15,809 for its Fintech Innovation ETF. Your complete buy amounted to 168,869 Coinbase shares, value round $8.5 million.

The acquisition makes up almost 50% of the overall Coinbase shares purchased by ARK final month. In April, ARK bagged a complete of 304,300 shares value $17.5 million. Beforehand, ARK purchased 2.4 million shares in March for about $117 million.

The newest purchases by ARK come amid Coinbase inventory seeing one other wave of purple. On Monday, Coinbase shares dropped 6.8% amid information of a brand new class-action lawsuit alleging the alternate violated privateness legal guidelines.

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Over the previous month, Coinbase shares plummeted greater than 20%, dropping from a excessive of almost $72 in April to $50.1 on Monday, in line with information from TradingView.

The sharp decline in Coinbase’s inventory value got here amid ongoing motion towards Coinbase by the US Securities and Change Fee (SEC). On March 22, the securities regulator despatched Coinbase a Wells discover, suggesting enforcement motion towards the alternate. In response, Coinbase filed a movement towards the SEC on April 25, asking the regulator to reply 50 questions regarding the regulatory therapy of sure digital belongings.

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