Wednesday, March 29, 2023

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Once called Bitcoin to see $1 million, Wood bought the bottom and increased Coinbase

Affected by the FTX bankruptcy storm, the cryptocurrency market has fallen into a deeper trough recently, and the stock prices of related stocks have been falling all the way. However, ARK Invest, which is traded by Cathie Wood, who has the nickname “Goddess of Stocks”, saw this as a good opportunity to buy bottoms and invested $3.2 million to increase the value of Coinbase, the largest cryptocurrency exchange in the United States. Stocks reflect that Wood is still unwavering in cryptocurrencies and is firmly optimistic about the future of Coinbase.

Markets Insider reported that according to the shareholding information released by Ark Investment, the company added 78,992 shares of Coinbase last week, worth about $3.2 million based on the stock price on Monday (December 12). Among them, the active ETF “ARK Emerging Active ETF” with the largest asset scale has a total holding of 5,851,928 shares, making it the 15th largest constituent stock of ARKK, with a weight of 3.39%.

Due to a series of disasters such as the algorithmic stablecoin TerraUSD (UST) and Luna falling into a death spiral, the bankruptcy of Celsius, and the bankruptcy of FTX, coupled with rising interest rates and heightened concerns about economic recession, the price of the cryptocurrency has plummeted. About $2 trillion has evaporated, well below the peak of $2.9 trillion in late 2021.

As of December 12 in 2022, Coinbase’s stock price has plummeted by 83.12%.

However, Wood remains strongly bullish on cryptocurrencies. In an interview in November, she called out that the price of Bitcoin will climb to $1 million in 2030. According to quotes from the CoinDesk website, at around 2:00 pm on December 13, Taipei time, the price of Bitcoin was around $17,000, which means that it still needs to rise by 6,000%.

Media previously reported that in early December, Coinbase CEO Brian Armstrong said that due to the turmoil in the cryptocurrency market, Coinbase’s operations have put pressure on Coinbase’s operations. He expects revenue in 2022 to be less than half of 2021. It is in line with the forecast given when it released its third-quarter earnings report on March 3.

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