• ARK Invest CEO Cathie Wood is bullish on Coinbase after the ruling in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
• The ruling in the SEC’s lawsuit against Ripple for the sale of the XRP token is a positive development for exchanges.
• Coinbase shares soared after the XRP ruling was made public, but dipped to a low of $50.56 following an SEC lawsuit against Coinbase in June, which has since then increased 106%.
ARK Invest Bullish on Coinbase After Ripple’s Victory
Cathie Wood Comments
ARk Invest CEO Cathie Wood commented that she is bullish on top US crypto exchange Coinbase after the ruling in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). In a new Bloomberg interview, Wood said that while ARK decided to sell some Coinbase shares for profit-taking, she continues to have an optimistic outlook onthe crypto exchange’s future.
Positive Development For Exchanges
Wood believes that the groundbreaking ruling in the SEC’s lawsuit against Ripple for the sale of XRP token is a positive development for exchanges, despite some puts-and-takes being noted by her firm. She mentioned that Coinbase is now second largest stock in ARK’s flagship strategy and largest in their fintech strategy due to its share price soaring high recently despite dipping as low as $50 following an SEC lawsuit earlier this year.
Coinbase Share Price Escalating
Coinbase shares have been escalating to new highs since March and June when there were rumors of Wells notice and SEC suit which had hammered its share price but did not take it down to new lows at which ARK invested more capital into it again according to Wood.
Profits Taken From Shares
Wood also mentioned that her firm took profits from some of its shares in order to reallocate those funds for other potential laggards investments they may be interested in looking into further down the line.
Conclusion
Overall, Cathie Woods remains optimistic about Coinbase’s future prospects due to recent developments surrounding Ripple’s victory over SEC lawsuit regarding XRP tokens sales which has seen its share prices rise substantially since March this year when rumours first circulated about potential lawsuits arising from US financial regulators . Despite taking profits from some of their holdings, ARk Invest still views Coinbase as one of their most promising stocks within their portfolio currently making it a favourable investment choice moving forward amidst current market conditions.
