Cathie Wood’s ARK Invest is showing its continued confidence in Coinbase (COIN), even with the recent market downturn.
ARK’s Coinbase Purchases
On April 4th, ARK Invest made three separate purchases of Coinbase stock, totaling over $13 million. This brings ARK’s total COIN holdings to a whopping $448.7 million, making it the second-largest holding across all their ETFs. This investment comes at a time when COIN is trading significantly lower than its peak in December 2024, currently sitting around $161 per share—a 54% drop.
Wood’s Bitcoin Prediction
Wood remains bullish on Bitcoin (BTC), predicting it will outperform gold in the near future. She points out that while Bitcoin’s performance against gold has slowed this year, the long-term upward trend remains intact. She believes Bitcoin’s value relative to gold will continue to rise.
A Warning on Memecoins
While optimistic about Bitcoin and Coinbase, Wood issued a stark warning about the memecoin market. She predicts that millions of memecoins will become worthless, emphasizing the risks involved and the lack of regulatory protection. She contrasts this with Bitcoin, Ethereum, and Solana, which she sees as having strong use cases and long-term potential.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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