Cathie Wood and her investment management firm, ARK Invest, seem to have a flair for timing—like a magician pulling a rabbit out of a hat just when you least expect it. Following a notable drop in Coinbase shares due to a Wells notice from the SEC, ARK Invest swooped back in to buy up a hefty dose of COIN stock. To put it mildly—talk about a rollercoaster!

Investment Moves that Leave Us Asking Why?

On March 23, ARK Invest made a striking acquisition of 268,928 Coinbase shares through its ARKK Innovation and ARKW Next Generation Internet ETFs, valued at approximately $17.88 million. This move came on the heels of a share price tumble that saw Coinbase equity dip around 21%. A rather bold strategy, isn’t it?

From Selling to Buying: What a Turnaround!

It gets even more interesting; just two days prior, ARK Invest had sold 160,887 shares from its ARK Fintech Innovation ETF, marking the first sale of Coinbase shares for 2023. It’s like watching someone take a confident leap into the pool, only to immediately think twice and step back—perhaps to run and jump again later!

Coinbase’s Rollercoaster Ride

Coinbase’s share price had quite the dramatic week. After news of the Wells notice broke, the stock hit a low of $64.27, before starting to claw back to around $66.87 in after-hours trading. To anyone holding Coinbase stock, this sequence must feel like a combination of a horror movie and a soap opera.

CEO Brian Armstrong: A Man of Moves

In an ironic twist, Coinbase CEO Brian Armstrong also chose this turbulent timing to sell shares. Between March 17 and 20, just days before the Wells notice surfaced, he sold a portion of his stake. Interestingly, Coinbase’s insiders often engage in 10B5-1 selling plans—a strategy designed to insulate them from insider trading allegations, which means these antics were planned months in advance. Just further proof that in finance, timing is everything (and sometimes ironically humorous).

The Bigger Picture: SEC and Staking Services

While the SEC has already worked out settlements with other crypto players (remember Kraken?), Coinbase continues to stand firm, claiming that their staking services are unique and shouldn’t be categorized in the same bucket. Their resilience feels somewhat commendable, though anyone who’s ever faced off against a referee—especially in its soccer-pickled version—might just roll their eyes in agreement.