Nienfeld's investment consulting firm started buying Coinbase shares from scratch, just a day after Coinbase shares fell on its Wells Fargo notice.

On March 23, Ark Invest used its Arkk Innovation and ARKW Next Generation Internet exchange-traded funds (ETF) to buy 268928 Coinbase shares. At the time of this writing, the stock is worth $17.88 million.

Just a few days ago, before the Wells Fargo notice was revealed, Ark Invest sold 160887 Coinbase shares in its Ark Evolutionary Financial Technology Innovation ETF. It was also the first sale of Coinbase shares by ETF, a unit of the Ark Invest Group, in 2023.

Since Coinbase announced that it had received a notice from the Foreign Securities and Exchange Commission (Securities and Exchange Commission, commonly known as SEC) that Wells Fargo was likely to take enforcement action, Coinbase shares have failed to recover, causing Coinbase shares to fall about 21%.

Coinbase shares fell to a floor point of $64.27 after gradual trading on March 23, according to Barron's. At the time of writing, it was trading at $66.87 in after-hours trading.

CoinbaseCEO Bobby Armstrong also sold shares in his company between March 17 and March 20-just days before Wells Fargo's announcement and the stock fell.

However, SEC documents show that Coinbase management and insiders have set up a 10b5-1 sale plan months in advance, which is based on a sale plan based on Aug. 16.

Although SEC reached an agreement with Kraken, a password trading center, on Feb. 9 to sue its betting service for securities eligibility, Coinbase has repeatedly said that its betting products are fundamentally different from Kraken's betting products and cannot be widely labeled as securities.

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