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


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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:) 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 . Source: TradingView
halving cycles aligned with investor sentiment phases. Source: Galaxy Research