Legal win, Wood buys boost Coinbase shares
Coinbase, the largest US crypto trading platform, is up on the heels of some good news yesterday. The state of Vermont dismissed its staking case against the company, which follows last month’s big legal win when the SEC dropped its enforcement case against the company.
Coinbase Chief Legal Officer Paul Grewal applauded the state’s decision, saying that “other states with staking actions should take a page from Vermont’s playbook.”
It got a second boost as Cathie Wood’s Ark Invest scooped up a bunch of shares during the dip. The ARK Innovation ETF (ARKK) bought 29,353 shares for $5.4 million on March 13, according to trading documents. This followed another big buy earlier in the week, with Ark buying 64,358 Coinbase shares on Monday. The two buys mark the first time Wood’s fund has increased its position in Coinbase since September 2024.
Coinbase Chief Legal Officer Paul Grewal applauded the state’s decision, saying that “other states with staking actions should take a page from Vermont’s playbook.”
It got a second boost as Cathie Wood’s Ark Invest scooped up a bunch of shares during the dip. The ARK Innovation ETF (ARKK) bought 29,353 shares for $5.4 million on March 13, according to trading documents. This followed another big buy earlier in the week, with Ark buying 64,358 Coinbase shares on Monday. The two buys mark the first time Wood’s fund has increased its position in Coinbase since September 2024.
