YEREVAN (CoinChapter.com) — Cathie Wood’s Coinbase stock holdings are down 200,000 COIN shares after her decision to sell the stock at its local highs. Nonetheless, in a hilarious yet typical scenario, COIN has increased by nearly 30% to $120, the highest in eighteen months since Wood’s dump.
Cathie Wood Coinbase Stock Holdings Impressive
Besides the latest 200,000 stock sale, the firm unloaded another nearly two million shares right at the top when the markets rallied on high hopes for a Bitcoin spot ETF approval. To be clear, ARK still holds a sh*tload of COIN, 9.7 million shares worth over $1.1 billion.
Moreover, despite the sales, the Cathie Wood Coinbase holdings have the highest weight in the fund at over 8.3%, as the management firm owns 5% of all COIN.
ARK’s Q3 Commentary Optimistic
Overall, ARK Invest saw a net fund outflow of over a billion year-to-date. According to Cathie Wood’s Q3 commentary, the CEO expects an economic landing “somewhat harder than soft,” though not as severe as that associated with the Great Financial Crisis.
She also commented on the “wall of worry” surrounding the market now and asserted that it generally “bodes well for equities in the innovation space.” The executive’s tone was optimistic despite the mounting wall of loss.
The strongest bull markets climb walls of worry, a fact that those making comparisons to the tech and telecom bubble seem to forget. No wall of worry existed or tested the equity market in 1999. This time around, the wall of worry has scaled to enormous heights.
Cathie Wood asserted.
COIN Rose on Binance Ashes
Coinbase’s stock significantly increased following a settlement between the US federal government and Binance, which amounted to $4.3 billion.
Brian Armstrong, CEO of Coinbase, commented on the situation, noting that the recent enforcement action against Binance is an opportunity to move past a certain phase in the crypto world’s history. Armstrong’s stance against building a company offshore and avoiding regulation was clear: he believed it was not a viable long-term strategy.
The legal action against Binance, which required its CEO Changpeng Zhao to step down and plead guilty to US federal charges, presented Coinbase’s opportunity to expand its market share.
Despite its recent success, Coinbase is not free from legal challenges. The Securities and Exchange Commission (SEC) sued the exchange in June, a case that is still ongoing. However, Armstrong expressed confidence in Coinbase’s position and the potential for these legal proceedings to clarify regulatory standards for the crypto industry.
