Cathie Wood’s ARK Invest Doubles Down on Coinbase (COIN), Buys Another 139,000 Shares Amid SEC Crackdown
Cathie Wooden’s ARK Make investments is gobbling up extra shares of Coinbase (COIN) because the U.S. Securities and Trade Fee (SEC) cracks down on crypto.
With ARK Make investments’s February tenth purchase of 139,105 shares within the largest US crypto trade, COIN is now the eighth high holding for ARK Make investments.
Coinbase shares had hit a low of $31.55 prior to now yr. However COIN has since soared again and is buying and selling at time of writing for $56.40, a greater than 75% enhance.
The latest buy comes because the SEC has taken a sequence of enforcement actions of late, together with shuttering Kraken’s staking program for his or her shoppers.
Wooden is likely one of the extra bullish Bitcoin (BTC) supporters.
Throughout a CNBC interview at first of the month, Wooden confirmed she stays assured in her prediction that the king crypto will enhance by greater than 2,000% inside seven years.
“In truth, we’re a bit greater than [$500,000] in our base case for the yr 2030. And in our bull case, a lot greater…
I feel 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 corporations, 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 value $21,755 at time of writing.
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