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The Coinbase stock holdings of ARK’s Fintech Innovation Fund (ARKF) have increased by 10,880 shares, or almost 8% of the fund’s, to $60.5 million. According to 13F filings with the Securities and Exchange Commission, this would be ARK’s first acquisition of Coinbase stock since June (SEC).
Cathie Wood, the chief investment officer at ARK, stated in August that due to an SEC investigation into the cryptocurrency exchange, the fund has cut its holdings in Coinbase.
In summary, Wood and ARK are still very bullish on Coinbase and cryptocurrencies in general. According to 13F filings, ARK has 7.7 million shares of COIN and increased its holdings by about 2 million over the course of the previous year. ARK has purchased COIN at a total estimated average cost of $218.45.
The CEO is back to reinforce her bullish outlook on cryptocurrency despite the drop in the value of the digital asset since then. Wood recently said on Peter McCormack’s “What Bitcoin Did” show that she bought $100,000 worth of bitcoin (BTC) at a $250 price and hasn’t sold any since. Her own BTC holdings are worth $7.6 million at the present market rate.
Wood has long backed Bitcoin
The CEO of ARK Invest predicts that in 2030, the price of bitcoin will reach $1 million. Wood has made the exact same prediction before, so this is not a first. Wood had made the exact same forecast earlier this year while speaking at the Bitcoin 2022 conference in Miami.
Wood has long backed bitcoin and the CEO had made the risky move and was one of the first public fund managers to openly promote the digital asset. Later, ARK Invest made various cryptocurrency-related investments, including purchasing shares of Coinbase, the first cryptocurrency exchange to go public, and having a stake in the Grayscale Bitcoin Trust (GBTC).