Cathie Wood’s ARK Invest is gobbling up more shares of Coinbase (COIN) as the U.S. Securities and Exchange Commission (SEC) cracks down on crypto.
With ARK Invest’s February 10th purchase of 139,105 shares in the largest US crypto exchange, COIN is now the eighth top holding for ARK Invest.
Coinbase shares had hit a low of $31.55 in the past year. But COIN has since soared back and is trading at time of writing for $56.40, a more than 75% increase.
The recent purchase comes as the SEC has taken a series of enforcement actions of late, including shuttering Kraken’s staking program for their clients.
Wood is one of the more bullish Bitcoin (BTC) supporters.
During a CNBC interview at the start of the month, Wood confirmed she remains confident in her prediction that the king crypto will increase by more than 2,000% within seven years.
“In fact, we’re a little higher than [$500,000] in our base case for the year 2030. And in our bull case, much higher…
I think that starting with ’08-’09, which is when Bitcoin really debuted, and even more so, after the crypto fallout this past year, the collapse in many companies, this idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the two best manifestations of that in the crypto world.”
Bitcoin is worth $21,755 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Cathie Wood’s ARK Invest Doubles Down on Coinbase (COIN), Buys Another 139,000 Shares Amid SEC Crackdown appeared first on The Daily Hodl.
