Cathie Wood Says ARK Invest Bullish on Coinbase After Ripple’s Victory in SEC Lawsuit
ARK Invest CEO Cathie Wood says that she is bullish on top US crypto exchange Coinbase after the ruling in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
In a new Bloomberg interview, Wood says that while ARK decided to sell some Coinbase shares for profit-taking, she continues to have an optimistic outlook on the crypto exchange’s future.
Wood believes that the groundbreaking ruling in the SEC’s lawsuit against Ripple for the sale of the XRP token is a positive development for 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 has had a significant move. Remember in March and, I think, in June we were looking at a Wells notice and an SEC suit, which really hammered the stock, but did not take it to new lows and you saw we bought at those levels.
And so as the stock has escalated to the top. [Coinbase] is the second largest after Tesla now in the flagship strategy, and it’s the largest in ARKF, our fintech strategy. We’re simply taking profits and reallocating the capital to perhaps some laggards.”
Coinbase shares soared after the XRP ruling was made public. Some legal experts said the XRP ruling could indicate Coinbase will prevail in the lawsuit the SEC filed against the exchange in June, alleging that the platform was selling unregistered securities.
After the SEC lawsuit against Coinbase, the company’s shares dipped to a low of $50.56, but they closed Tuesday at $104.59, a more than 106% increase.
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