Ark Invest continues to buy Coinbase shares

Despite the most recent decrease in the price of cryptocurrencies, the investment management business owned and operated by Cathie Wood, Ark Invest, continues to accumulate Coinbase (COIN) shares.

Ark made its first COIN acquisitions since the middle of January on February 10 and February 13, gaining substantial exposure to the most prominent cryptocurrency exchange in the United States.

The ARKK and ARKW funds of Ark resumed their accumulation of Coinbase stock on February 13, adding 102,281 and 16,414 COIN shares, respectively, to their holdings of the company’s equity. Given that COIN finished trading at $56.4 on Monday, the total cost of Ark’s acquisitions was around $6.7 million.

Ark invested approximately $16 million in Coinbase stock during the course of only two days, which is $3.5 million more than the entire amount it had held in COIN shares for the month of January. As of the 14th of February, Ark has purchased a total of 280,000 COIN shares on a monthly basis; however, during the month of January, Ark purchased more than 330,000 COIN shares.

The total number of COIN shares that Ark has acquired so far in 2023 is 614,657, and they were purchased for a total of $28.8 million.

The most recent acquisitions came as CEO and chief investment officer of Ark Invest, Wood, continues to have a strong stance on the cryptocurrency industry.

On February 3, 2019, Wood reaffirmed her positive position on Bitcoin (BTC), stating that she believes the cryptocurrency would reach $1 million by the year 2030. Due to the robust nature of its network, the investing expert is of the opinion that Bitcoin should be used as an insurance policy for nations that are struggling with inflation.

Inflation and the possibility of a Fed policy shift are two factors that the chief executive officer of The Ark thinks will lead to a significant market shift in 2023.

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SEC pushes decision on ARK 21Shares Bitcoin ETF to April 3

The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund originally proposed in July 2021.

According to a Tuesday filing from the SEC, the regulatory body will push the deadline for approving or disapproving the ARK 21Shares Bitcoin ETF from Feb. 2 for an additional 60 days, to April 3. SEC assistant secretary J. Matthew DeLesDernier noted in the filing that it was “appropriate to designate a longer period” for the regulatory body to consider the proposed rule change allowing the ETF to be listed on the Cboe BZX Exchange.

The exchange originally filed the paperwork to apply for the ARK 21Shares Bitcoin ETF in July 2021, with the SEC able to delay its decision and open the offering to public comment for up to 180 days, with the option for a final 60-day extension starting on Feb. 2. After April 3, the SEC should not be able to extend the deliberation window further and will approve or disapprove of the crypto ETF.

In a separate filing, the SEC also extended its window on a proposed rule change allowing shares of an ETF tracking Bitcoin futures from agricultural fund provider Teucrium to be listed on NYSE Arca. The firm applied for the investment offering in May 2021 and will likely receive a final decision from the SEC by April 8.

Related: Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

U.S. regulators have yet to approve ETFs with direct exposure to cryptocurrencies like Bitcoin (BTC), but gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.