Ark Invest’s Cathie Wood added to her Coinbase on Tuesday, unfazed by the Securities and Exchange Commission’s allegations against the crypto exchange. Wood bought 329,773 shares of Coinbase for his flagship ARK Innovation ETF in the previous session as the stock fell more than 12%. She also added 53,885 shares to the ARK Next Generation Internet ETF as well as another 35,666 shares to the Ark Fintech Innovation ETF. Combined, these purchases are worth over $21.6 million based on Coinbase’s closing price of $51.61. The SEC sued Coinbase in New York federal court on Tuesday morning, alleging that the company acts as an unregistered broker and exchange, and asking for the company to be “banned and permanently banned.” continue to do so. COIN YTD climbs Coinbase Tuesday’s sell-off has cut Coinbase’s gain in 2023 to around 45%. Shares recovered in 2023 after a bad 2022 with an 86% drop. The cryptocurrency exchange is currently the sixth largest holding of ARKK with a weight of 5.35%. The innovation investor has been periodically adding to her Coinbase bet this year. Wood has stuck to his bold call for bitcoin despite the regulatory crackdown in the crypto industry. The director of ARK Invest sees the world’s largest cryptocurrency reaching around $1.3 million by 2030. Bitcoin currently trades under $27,000. The longtime crypto bull believes the bitcoin price will rise if companies and institutional investors diversify their cash holdings with digital currencies. Wood previously said the demise of FTX is bullish for the industry as it will push the crypto space to become more transparent. The SEC also sued Binance and its billionaire founder, Changpeng Zhao, this week, alleging that it worked to lure US customers to its unregulated international exchange, mixing it up. investors’ funds with their own funds and violate securities laws.