ARK Invest’s Cathie Wood doubles down on crypto with big coin base and Robinhood stock buys
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 brought in 47,568 more COIN shares on March 7, adding to the millions of COIN shares already in the portfolio.
The COIN purchase was valued at around $2.9 million, making top US cryptocurrency exchange ARK Invest’s 7th largest holding at the time of writing.
COIN is trading at $62.89 at the time of writing, up more than 86% from the beginning of the year when it was trading at $33.60.
ARK Invest’s large purchase of Robinhood Markets, Inc. amounted to 1.058 million worth about $9.5 million at the time of purchase.
HOOD, which derives a significant amount of its revenue from crypto trading, is worth $9.57 at the time of writing, up more than 18% year-to-date.
ARK Invest also made a large COIN purchase on February 10, picking up 139,105 shares. The purchase came as the US Securities and Exchange Commission (SEC) closed Kraken’s betting program for its customers.
Wood remains bullish on Bitcoin (BTC), recently predicting that the top crypto asset will rise more than 2,000% within seven years.
“Actually, we are slightly higher than [$500,000] in our base case for the year 2030. And in our bull case, much higher…
If you look at what’s happened in the last year, Sam Bankman-Fried actually didn’t like Bitcoin at all. And he didn’t like it because of its decentralization and openness. And which companies went under? They were the highly centralized, opaque, opaque companies.
So, FTX, Celsius, Three Arrows Capital. If you look at what happened with 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 starting in ’08-’09, which is when Bitcoin really debuted, and even more so, after the crypto fallout of the last year, the collapse of a lot of companies, this idea of transparency and decentralization is taking hold and Bitcoin and Ethereum are the top two the manifestations of that in the crypto world.”
Bitcoin is trading at $22,086 at the time of writing.
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Featured image: Shutterstock/GrandeDuc
