Cathy Wood’s ARK Invest Doubles Down on Coinbase (COIN), Buys Another 139,000 Shares Amid SEC Crackdown – The Daily Hoddle
Cathy Wood’s ARK Invest is grabbing more shares of Coinbase (COIN) as the US Securities and Exchange Commission (SEC) cracks down on crypto.
With ARK Invest’s purchase of 139,105 shares on the largest US crypto exchange on February 10, Coin is now the eighth top holding for ARK Invest.
Coinbase shares reached a low of $31.55 in the past year. But COIN has since rallied back and is trading at $56.40 at the time of writing, an increase of over 75%.
The recent purchase comes as the SEC has taken a series of enforcement actions of late, including shutting down Kraken’s staking program for its customers.
Wood is one of the more ardent Bitcoin (BTC) supporters.
During a CNBC interview at the beginning of the month, Wood confirmed that he is confident in his prediction that the king crypto will soar by more than 2,000% within seven years.
“Actually, we are little more than [$500,000] In our base case for the year 2030. And in our bull case, a lot more…
I think starting from ’08 -’09, when bitcoin really started, and even more so, after the crypto crash last year, this idea of deregulation, transparency and decentralization is taking hold in many companies and bitcoin And Ethereum is two of the best expressions of this in the crypto world.”
The price of bitcoin at the time of writing is $21,755.
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