Cathie Wood buys the dip, snaps up 400,000+ Coinbase shares after SEC lawsuit

Cathie Wood has yet again shown confidence in Coinbase Global ( NASDAQ: COIN ), snapping up more than 400K shares across three actively managed ETFs, as the cryptocurrency exchange's shares plunged after an SEC lawsuit. Coinbase ( COIN ) tumbled 12% on Tuesday after the SEC sued the cryptocurrency exchange, alleging that it's operating as an unregistered securities broker . ARK Innovation ETF ( ARKK ) scooped up ~329.8K Coinbase ( COIN ) shares, Ark Next Generation Internet ETF ( ARKW ) picked up nearly 53.9K shares, and ARK Fintech Innovation ETF ( ARKF ) bought close to 35.7K shares. Coinbase ( COIN ) is currently ARK Innovation ETF's ( ARKK ) sixth-largest holding, with a weighting of 5.35% as of June 7. The company is Ark Next Generation Internet ETF's ( ARKW ) fourth largest holding (6.68% weightage) and is ARK Fintech Innovation ETF's ( ARKF ) third largest (7.92% weightage). The SEC lawsuit dragged the broader crypto market, with bitcoin ( BTC-USD ) falling to $25.43K, its lowest level in close to two months. More on Cathie Wood's ETFs Tracking Cathie Wood's ARK Invest 13F Portfolio - Q1 Update ARKF: Is Cathie Wood's FinTech ETF Set To Soar? ARKK Continues To Overpromise And Underdeliver