Cathie Wood's ARK Investment Management snapped up 162.3K shares of Coinbase ( NASDAQ: COIN ) on Friday worth ~$9M, according to a daily trade notification, even as concerns over regulatory scrutiny of the cryptocurrency sector grow. ARK Innovation ETF ( ARKK ) bought 139.1K Coinbase ( COIN ) shares, representing 0.1068% of the ETF, while ARK Next Generation Internet ETF ( ARKW ) bought 23.2K shares, or 0.1084% of the ETF. The ETFs' last purchases were in January, when ARK Innovation ETF ( ARKK ) bought 52.8K shares and ARK Next Generation Internet ETF ( ARKW ) bought 27.8K shares. Meanwhile, ARKT Fintech Innovation ETF ( ARKF ) bought 263.5K shares of Robinhood Markets ( HOOD ), representing 0.2989% of the ETF. It last sold 85.3K Robinhood ( HOOD ) shares at January-end. ARK Investment Management currently holds 5.14% stake in Coinbase ( COIN ), or ~9.2M shares. It currently holds 3.89% stake in Robinhood ( HOOD ), or ~29.2M shares. Regulatory crackdown in the crypto industry has spooked investors. Kraken shut its crypto staking platform and will pay $30M to settle SEC charges over its failure to register the program. Coinbase ( COIN ) reported $62M in Q3 revenue from blockchain rewards, which include staking, accounting for ~10% of total revenue . Additionally, stablecoin issuer Paxos Trust has been ordered to stop minting BUSD ( BUSD-USD ) tokens, while the SEC mulls charges against Paxos .
