IMPORTANT POINTS:
- ARK Invest increases its purchases of Coinbase shares as the crypto exchange expands internationally.
- Coinbase launches its international exchange service and will offer BTC and ETH futures.
- The crypto exchange is facing a lawsuit over the storage of its customers’ information.
As the cryptocurrency exchange platform develops internationally, ARK Invest, led by Cathie Wood, is increasing its purchases of Coinbase (COIN) shares.
Cathie’s Ark, a website that watches ARK Invest’s investments, just discovered that on May 2, the company spent $7.35 million buying three single amounts of COIN.
Information from the previous day indicates that ARK spent about $8.4 million on three separate acquisitions.
Coinbase’s statement that it would expand its services globally in response to regulatory concerns in the US has coincided with the buying frenzy.
As part of the new expansion, the exchange says it will make permanent trading in Bitcoin (BTC) and Ethereum (ETH) futures available to institutional investors.
“Coinbase launched the Coinbase International Exchange and will begin offering USDC (USD Coin) settled BTC and ETH perpetual futures with up to 5x leverage to institutional clients in eligible jurisdictions outside of the United States.”
Last week, ARK Invest also made major COIN acquisitions after the exchange filed a motion against the United States Securities and Exchange Commission (SEC) in an attempt to force the agency to respond to a previous request in which it asked for guidance on the regulation of cryptocurrencies.
At the time, three of ARK’s funds bought 157,000 COIN shares for a combined total of $6.98 million.
As of today, the exchange company is facing a lawsuit alleging that it illegally stored the fingerprints and facial scanners of its customers.
