Cathie Wood of ARK Invest is no newbie in the world of investing and has the track record to prove it. She has demonstrated to be a visionary in the field of tech innovation when things don’t look so clear to the average spectator. An example of that vision was Wood’s 2016 investment in Tesla before the stock took off, giving her 172% of returns as of this writing.
On June 7th, 2023 Fortune.com reported that Cathie Wood of ARK Invest purchased $20 million worth of Coinbase stock (COIN) after news of the SEC filing a suit against the company for operating as an unregistered exchange caused the COIN stock price to fall 12%. Known for being a crypto enthusiast and Bitcoin supporter, it was of little surprise that ARK Invest decided to “buy the dip” when COIN fell as a result of the SEC news. Recently, ARK Invest predicted that the price of Bitcoin could reach $1.48 million by 2030 due to growing institutional adoption of cryptocurrencies.
According to Fortune.com, on June 6th, 2023, “Wood doubled down on her bullish crypto stance, picking up nearly 420,000 shares of Coinbase stock as it plummeted 11.4% after the Securities and Exchange Commission sued the crypto exchange, alleging that it has operated as a broker, securities exchange, and clearing agency without proper registration.”
Cathie Wood seemed to take the news of an SEC filing against Coinbase as, what bad news is commonly called in the crypto space, a “big nothing burger” and proceeded to purchase shares with confidence in the future of Coinbase and crypto as a whole. As reported by Fortune.com, “ARK Innovation ETF added nearly 330,000 shares, while the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, bought roughly 53,900 and 35,700 shares, respectively.”
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