Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million
Cathie Wood recently added to her fund’s position in Coinbase Global stock and reiterated her call for a $1 million Bitcoin price. Is this in line with analysts’ expectations? In an interview with Bloomberg, ARK Invest CEO and CIO Cathie Wood recently discussed why her flagship fund, Ark Innovation (ARKK), is adding to its position in shares of Coinbase (COIN) after the 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 funds, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF, also bought 35,700 shares, worth $1.8 million, and 53,900 shares, worth $2.8 million, respectively. Across all three funds, ARK’s average entry price is $272.75 - $282.93, with their total position being currently valued at $1.77 billion. At the time of writing, COIN is trading at $53.90. Needless to say, the fund is deeply in the red on this trade s...