ARK Invest CEO Cathie Wood explains Why Flagship Fund is increasing Position in Coinbase despite SEC Lawsuit against Binance
June 20 (Cointime) - Cathie Wood, CEO and CIO of ARK Invest, has explained why her flagship fund, Ark Innovation, is increasing its position in Coinbase shares despite the SEC's lawsuit against Binance. ARK Invest purchased almost 330,000 shares of Coinbase on June 6, 2023, worth about $17 million at the time. Wood believes that if Coinbase wins its legal battles with the SEC, it will become the only cryptocurrency exchange in the USA.
Cathie Wood's Ark Invest Buys Millions in Block Inc (SQ) Shares, Reiterates Bullish Stance on Coinbase and Bitcoin
Cathie Wood's Ark Invest funds have purchased millions of shares in Jack Dorsey's payment firm Square Inc (SQ) and Coinbase (COIN). Wood remains bullish on Bitcoin, reiterating her $1 million target price by 2030 and explaining that the regulatory hurdles faced by Binance will benefit Coinbase.
Cathie Wood: Coinbase Could Benefit from SEC Crackdown on Binance
Cathie Wood, a top investor, believes that Coinbase could benefit from the recent crypto crackdown by the U.S. Securities and Exchange Commission (SEC). In an interview with Bloomberg, Wood criticized the SEC and claimed that the regulator going after Binance, the world's largest crypto exchange, could ultimately help Coinbase.
Cathie Wood: Binance Legal Woes Good for Coinbase
According to Bloomberg, Ark Invest CEO Cathie Wood said in an interview that Coinbase will benefit from Binance legal problems in the U.S. because it will eliminate its main competitor. Wood said, "Coinbase has not been accused of any criminal activity. The definition of securities and pledges are two issues that both Coinbase and According face, but most of the other issues regarding According are not relevant to Coinbase."
Bitcoin Bounces Back After Coinbase Sued by SEC for Violating Federal Securities Law
Bitcoin rebounded after dropping to a three-month low of less than $25,500 on Tuesday following news that Coinbase had been sued by the SEC for violating federal securities law. The lawsuit also listed 13 tokens which could be deemed as securities, including Cardano’s ADA and Polygon’s MATIC, both of which are down 5% over the past 24 hours.
Cathie Wood's ARK Series Fund Raises Position in Coinbase Stock by Over $20 Million
According to Ark Invest Daily, Cathie Wood's ARK funds combined took a position of 419,324 shares of Coinbase stock (COIN) today, with ARKK adding 329,773 shares, ARKW adding 53,885 shares, and ARKF adding 35,666 shares. Based on today's closing price of $51.61 per share for COIN, the total combined value is approximately $2.164 million.
Ark Invest’s Cathie Wood Justifies Exit From Nvidia Due to Stretched Valuations
Cathie Wood, the manager of the ARK Innovation ETF, has justified her fund's exit from Nvidia earlier this year, stating that the chipmaker has been priced "ahead of the curve". Nvidia's stock has more than doubled since ARKK exited in January 2023, and is now trading at 25 times the estimated sales for the current financial year. However, some analysts believe that the outlook for chips isn't quite picking up yet amid tepid demand for consumer electronics. Nvidia's co-founder, Jensen Huang, recently unveiled a number of AI products at the Computex trade show, including an AI supercomputer platform called DGX GH200.
ARK Invest's Cathie Wood Warns of AI Disrupting Tech Giants Google, Apple, and Amazon
According to Cathie Wood of ARK Invest, the technology industry's ruling giants are at risk of being disrupted by artificial intelligence (AI). Wood believes that ChatGPT, a chatbot, could potentially enhance Google's products and services, but could also destroy them by taking away the tech giant's advertising revenue. She also named Apple and Amazon as possible victims of AI if something like ChatGPT or another bot learns to scour the web for items and prices better than Amazon. Wood suggests that any platform that has served as an intermediary is at risk of being disintermediated by AI.
Cathie Wood’s Arkk Fund Dumped Nvidia Just Before Historical Bull Run
Cathie Wood's Ark Invest sold all of its NVIDIA shares in January, just before the company's impressive price jumps. Recent SEC filings confirm the selloff, causing the investment firm to miss out on potential gains. Despite this, Wood remains a supporter of Web3.0 companies and Bitcoin.
Cathie Wood Encourages Graduates to Embrace AI and Blockchain as Transformative Technologies for the Future
Cathie Wood, CEO of ARK Invest, recently congratulated the Class of 2023 at the University of Southern California Marshall School of Business. During her speech, she suggested that disruptive technologies like artificial intelligence (AI) and blockchain could transform the world more in the next 5-10 years than the personal computer, cellphone, and internet did during her 42-year investment lifetime.
