Cathie Wood’s ARK Invest is gobbling up more shares of Coinbase (COIN) as the U.S. Securities and Exchange Commission (SEC) cracks down on crypto.
With ARK Invest’s February 10th purchase of 139,105 shares in the largest US crypto exchange, COIN is now the eighth top holding for ARK Invest.
Coinbase shares had hit a low of $31.55 in the past year. But COIN has since soared back and is trading at time of writing for $56.40, a more than 75% increase.
The recent purchase comes as the SEC has taken a series of enforcement actions of late, including shuttering Kraken’s staking program for their clients.
Wood is one of the more bullish Bitcoin (BTC) supporters.
During a CNBC interview at the start of the month, Wood confirmed she remains confident in her prediction that the king crypto will increase 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…
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 worth $21,755 at time of writing.
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