It has been just revealed that Cathie Wood said the fact that ARK Invest is bullish on Coinbase. Check out the latest details regarding the issue below.
ARK Invest is bullish on Coinbase
Cathie Wood, the CEO of ARK Invest, has expressed her positive outlook on the future of Coinbase, a leading US-based cryptocurrency exchange.
According to a recent interview with Bloomberg, Wood remains bullish on the exchange despite ARK’s decision to sell some of its Coinbase shares for profit-taking purposes.
Wood believes that the recent legal battle between Ripple and the SEC, which resulted in a groundbreaking ruling on the sale of the XRP token, is a positive development for cryptocurrency exchanges.
“We’re very positive on Coinbase, especially in light of the court ruling for Ripple and against the SEC. Not all together. There were some puts-and-takes but by and large very positive for exchanges. And so we’re very optimistic.”
The stock experienced a major shift in value. Back in March and possibly in June, we were concerned about a Wells notice and an SEC lawsuit which caused the stock to decline but did not reach new lows.
We took advantage of the low prices and purchased shares. As the stock has risen, it has become the second largest holding in our flagship strategy, behind only Tesla, and the largest in our fintech strategy, ARKF.
We have decided to sell some of our holdings and invest in other underperforming stocks.
Recently, Democratic sources reported that Bloomberg has stated Armstrong is pushing for clearer regulations and guidance on digital assets in Washington.
He has encouraged lawmakers to consider two bills currently being discussed. Meanwhile, Coinbase, a major global cryptocurrency exchange, is facing a lawsuit from the Securities and Exchange Commission (SEC) during a meeting.
Stay tuned for more news from the crypto space.
