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Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

Published Jun 19, 2023 04:30PM ET Updated Jun 19, 2023 06:00PM ET
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In an interview with Bloomberg, ARK Invest CEO and chief investment officer Cathie Wood recently discussed why her flagship fund, Ark Innovation (ARKK), is adding to its position in shares of Coinbase (NASDAQ:COIN) after the Securities and Exchange Commission (SEC) sued Binance, one of Coinbase’s biggest competitors.

ARKK purchased nearly 330,00 shares of COIN on June 6, 2023, worth about $17 million at the time, according to disclosure statements. Two other exchange-traded funds (ETFs), Ark Fintech Innovation ETF and Ark Next Generation Internet ETF, also added 35,700 shares (worth $1.8 million) and 53,900 shares (worth $2.8 million), respectively.

A 3-month chart of COIN. Source: TradingView
Year-to-date chart of BTC/USD. Source: TradingView
Bitcoin halving cycles aligned with investor sentiment phases. Source: Galaxy Research

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Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million
 

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Comments (2)
Black Mamba
Black Mamba Jun 20, 2023 10:27AM ET
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Cathie sounds nuts sorry not sorry
Jadeson Zang
Jadeson Zang Jun 19, 2023 6:30PM ET
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This woman has lost both her mind and creditability. Anyone who trade on Coinbase, knows even without Binance, it will not survival in long term.
 
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