Cathie Wood bought Coinbase shares when the SEC caused the price to drop

Even though the SEC's case hurt Coinbase shares, well-known investors are jumping at the chance to buy them at record low prices. Ark Invest, which is run by Cathie Wood, bought more than $21 million worth of Coinbase shares yesterday. This could mean that investors aren't too worried about the move by the government against the exchange.

When the lawsuit was announced on Tuesday, the price of COIN dropped quickly by more than 12%. Since then, the price has been going up, and yesterday it went up by 3.2%. The native token of Binance, BNB, hasn't been as lucky after its run-in with the same regulator. Yesterday, BNB fell another 4.6% after falling 9.2% on the day the news came out.

Coinbase also released a response video on Tuesday, in which it said again that the exchange had asked the SEC many times for advice on how to regulate cryptocurrencies, but had never gotten it. It's still not clear how badly Coinbase will be hurt, if at all, but its shares are still selling close to their all-time lows from January of this year.

(Regarding Coinbase)

Coinbase is a place to buy, sell, trade, and keep digital currencies like Bitcoin, Ethereum, Litecoin, and more. It is also an exchange for digital currencies. Brian Armstrong and Fred Ehrsam started it in 2012, and it is based in San Francisco, California. Coinbase has grown to become one of the biggest cryptocurrency exchanges in the world. It serves both individual and institutional investors. In April 2021, Coinbase went public by being listed directly on the NASDAQ stock exchange. This made it the first big cryptocurrency exchange to go public.