ARK Invest’s Cathie Wood Doubles Down on Crypto With Large Coinbase and Robinhood Stock Purchase
Cathie Wooden’s ARK Make investments has added almost 50 thousand Coinbase (COIN) shares to its portfolio and greater than 1,000,000 shares of Robinhood (HOOD).
ARK Make investments scooped up 47,568 extra shares of COIN on March seventh, including to the tens of millions of COIN shares already in its portfolio.
The COIN buy was valued at round $2.9 million, making the highest US cryptocurrency alternate’s inventory ARK Make investments’s seventh largest holding at time of writing.
COIN is buying and selling at $62.89 at time of writing, up greater than 86% from the beginning of the yr when it was buying and selling at $33.60.
ARK Make investments’s massive purchase of Robinhood Markets, Inc. amounted to 1.058 million price about $9.5 million at time of buy.
HOOD, which will get a considerable quantity of its income from crypto buying and selling, is price $9.57 at time of writing, up greater than 18% from the beginning of the yr.
ARK Make investments additionally made a big COIN buy on February tenth, selecting up 139,105 shares. The purchase got here because the U.S. Securities and Trade Fee (SEC) shuttered Kraken’s staking program for his or her purchasers.
Wooden stays bullish on Bitcoin (BTC), just lately predicting the highest crypto asset will soar by greater than 2,000% inside seven years.
“In reality, we’re a little bit increased than [$500,000] in our base case for the yr 2030. And in our bull case, a lot increased…
Should you have a look at what has occurred within the final yr, really, Sam Bankman-Fried didn’t like Bitcoin in any respect. And he didn’t prefer it due to its decentralization and transparency. And what firms went beneath? They have been the highly-centralized, non-transparent, opaque firms.
So, FTX, Celsius, Three Arrows Capital. Should you have a look at what occurred to Bitcoin, the community, and Ethereum, the community, they actually didn’t skip a beat. All transactions have been accomplished. All good contracts opened and closed.
I believe that beginning with ’08-’09, which is when Bitcoin actually debuted, and much more so, after the crypto fallout this previous yr, the collapse in lots of firms, this concept of transparency and decentralization is taking maintain and Bitcoin and Ethereum are the 2 greatest manifestations of that within the crypto world.”
Bitcoin is buying and selling for $22,086 at time of writing.
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