Coinbase Subpoenaed by CFTC as ARK Invest Cashes in on Risen Stock

Coinbase Subpoenaed by CFTC as ARK Invest Cashes in on Risen Stock

By: Eliza Bennet

The U.S. Commodity Futures Trading Commission (CFTC) has subpoenaed popular cryptocurrency exchange Coinbase for user and transaction data. This news reached Coinbase users through an official email. Despite scanty details, it is suggested that the subpoena is related to those users' activity with platform Bybit. Regulatory watchers speculate this might be a method for determining if Bybit had U.S. users, which could potentially lead to sanctions similar to those levied against Binance and BitMEX.

In relation to Coinbase, ARK Invest has sold another chunk of its Coinbase stock as the share price surges to record highs. According to reports, ARK traded 43,956 shares from its ARK Fintech Innovation ETF, reflecting around $5.3 million. Interestingly, the surge in Coinbase share value follows rival Binance's legal woes, resulting in an 18-month high for Coinbase's shares.

While ARK continues to reduce its Coinbase investment, the firm has been noticeably unloading its Grayscale Bitcoin Trust (GBTC) shares as well. Notably, ARK has bought a considerable amount of shares of the crypto-friendly banking app SoFi, acquiring 252,421 shares on November 27 alone. The intertwining matters of regulatory scrutiny and investment strategies in the crypto space continue to unfold amidst these market movements.

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