ARK Invest’s Cathie Wood Doubles Down on Crypto With Large Coinbase and Robinhood Stock Purchase
Cathie Wood’s ARK Invest has added nearly 50 thousand Coinbase (COIN) shares to its portfolio and more than a million shares of Robinhood (HOOD).
ARK Invest scooped up 47,568 more shares of COIN on March 7th, adding to the millions of COIN shares already in its portfolio.
The COIN purchase was valued at around $2.9 million, making the top US cryptocurrency exchange’s stock ARK Invest’s 7th largest holding at time of writing.
COIN is trading at $62.89 at time of writing, up more than 86% from the start of the year when it was trading at $33.60.
ARK Invest’s big buy of Robinhood Markets, Inc. amounted to 1.058 million worth about $9.5 million at time of purchase.
HOOD, which gets a substantial amount of its revenue from crypto trading, is worth $9.57 at time of writing, up more than 18% from the start of the year.
ARK Invest also made a large COIN purchase on February 10th, picking up 139,105 shares. The buy came as the U.S. Securities and Exchange Commission (SEC) shuttered Kraken’s staking program for their clients.
Wood remains bullish on Bitcoin (BTC), recently predicting the top crypto asset will soar 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…
If you look at what has happened in the last year, actually, Sam Bankman-Fried didn’t like Bitcoin at all. And he didn’t like it because of its decentralization and transparency. And what companies went under? They were the highly-centralized, non-transparent, opaque companies.
So, FTX, Celsius, Three Arrows Capital. If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really didn’t skip a beat. All transactions were completed. All smart contracts opened and closed.
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 trading for $22,086 at time of writing.
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Featured Image: Shutterstock/GrandeDuc
