Cryptocurrency investment firm Paradigm has acquired a stake in Coinbase.
Paradigm doubled its stake in Coinbase and bought more shares worth nearly $50 million in the exchange operator. The crypto VC firm purchased 810,000 shares of Coinbase earlier this week for an average price of $61.
Paradigm Doubles Coinbase Shares
Crypto venture capital firm Paradigm, an existing investor of Coinbase, purchased about $50 million more shares from the exchange operator earlier this week.
The share purchase, reported to the U.S. Securities and Exchange Commission by Paradigm co-founder and former Coinbase co-founder Fred Ehrsam, averaged $61 on Tuesday and Wednesday. With this transaction, Paradigm One LP and Paradigm Fund LP total 4.5 million shares of Coinbase.
Paradigm has decided to invest more in the company amid Coinbase’s fight with the SEC. After a lawsuit filed against the SEC last month, Paradigm filed a lawsuit in support of Coinbase earlier this week. The VC firm stated in its filing that it has a vested interest in holding the SEC accountable for Coinbase’s delay in responding to its rulemaking request, adding that this delay creates uncertainty in the industry.
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