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Coinbase stock extends declines amid possible SEC legal action

Yahoo Finance

Yahoo Finance Live’s Brad Smith breaks down the decline in stock for Coinbase.

Video transcript

BRAD SMITH: Let's check in on one of today's trending tickers. We're watching shares of Coinbase. The stock extending declines after the company disclosed this week that it received a so-called Wells notice received from the SEC describing its plans to take legal action against the company.

Shares are actually flat right now, just barely to the downside. But over the past five days, you see the significant decline. It's lower by a little more than 11%.

On the dip, ARK's Cathie Wood purchased more than $17 million worth of shares via ARK Innovation and ARK Next Generation Internet exchange-traded funds.