ARK Invest CEO Cathie Wood says she is bullish on US crypto exchange Coinbase following the ruling in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
In a new Bloomberg interview, Wood say that while ARK decided to to sell some Coinbase shares for profit-taking, she continues to have an optimistic view of the future of the crypto exchange.
Wood believes the landmark ruling in the SEC’s lawsuit against Ripple for the sale of the XRP token is a positive development for exchanges.
“We are very positive about Coinbase, especially in light of the court ruling for Ripple and against the SEC. Not all together. There were some puts and takes, but overall very positive for the markets. And so we’re very optimistic. The stock has undergone significant movement. Remember back in March and, I think, in June we looked at a Wells post and an SEC suit, which really pushed the stock up but didn’t take it to new lows and you saw we were buying at those levels.
And so the stock has escalated to the top. [Coinbase] is the second largest after Tesla now in flagship strategy, and it’s the largest in ARKF, our fintech strategy. We just take profit and allocate the capital to maybe some stragglers.”
Coinbase shares soared after the XRP ruling was made public. Some legal experts said the XRP ruling could indicate that Coinbase will prevail in the lawsuit filed by the SEC against the exchange in June alleging that the platform sold unregistered securities.
Following the SEC lawsuit against Coinbase, shares of the company fell as low as $50.56, but closed at $104.59 on Tuesday, up more than 106%.
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