The CEO, and founder of ARK Investment Management, Cathie Wood, a prominent Bitcoin asset management firm, shared her optimistic vows about Coinbase following Ripple’s recent victory against the Securities and Exchange Commission on July 13th.
During an interview on Bloomberg television, Cathie Wood shared her optimistic view on Coinbase, “especially in light of the court ruling for Ripple and against the SEC.” While acknowledging that there were some mixed aspects to the ruling, Wood emphasized that it was largely favorable for exchange as a whole.
Wood’s perspective aligns with other cryptocurrency industry experts who have made similar arguments, suggesting that the recent ruling could set a positive precedent for Coinbase and Binance in their ongoing legal battle with the regulator.
Wood provided additional context to Coinbase’s situation, highlighting that despite receiving a Wells Notice in March and facing an SEC lawsuit in the subsequent months, the company’s stock price remained stable. This resilience in the value of Coinbase stock demonstrates its strength and stability.
On July 17, three of Wood’s ARK investment exchange-traded funds (ETF) capitalized on the recent surge in the crypto exchange’s value by selling a total of 248,838 shares, amounting to $26.3 million at the time.
Additionally, Ark Innovation ETF sold an $12 million worth of Coinbase stock on July 11 and about $50 million worth Coinbase stocks for the second time in the same week on July 14.
Coinbase’s shares initially began trading in 2023 at a modest price of $33.60 per share. However, as of the time of this statement, COIN shares have experienced an impressive surge of over 184%, reaching a current price of $105.55, according to TradingView data.
