Cathie Wood, Unfazed By SEC Lawsuit, Picks Up A Whopping $21M Stake In Coinbase Even As Stock Tanked 12%
Portfolio Pulse from Bhavik Nair
Cathie Wood's ARK Investment Management purchased a $21.6 million stake in Coinbase Global Inc (NASDAQ:COIN) on Tuesday, despite the stock dropping over 12% following the SEC's lawsuit against the company. The purchase was made through the ARK Innovation ETF (NYSE:ARKK), the ARK Next Generation Internet ETF (NYSE:ARKW), and the Ark Fintech Innovation ETF (NYSE:ARKF).
June 07, 2023 | 1:58 am
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NEUTRAL IMPACT
Ark Fintech Innovation ETF (NYSE:ARKF) purchased shares of Coinbase Global Inc (NASDAQ:COIN) worth over $21.6 million.
The purchase of Coinbase shares by Ark Fintech Innovation ETF (ARKF) may have a neutral impact on the ETF's short-term price direction. While the SEC lawsuit against Coinbase could negatively affect the stock, ARK's investment may signal confidence in the company's long-term prospects, offsetting the negative impact.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
ARK Innovation ETF (NYSE:ARKK) purchased shares of Coinbase Global Inc (NASDAQ:COIN) worth over $21.6 million.
The purchase of Coinbase shares by ARK Innovation ETF (ARKK) may have a neutral impact on the ETF's short-term price direction. While the SEC lawsuit against Coinbase could negatively affect the stock, ARK's investment may signal confidence in the company's long-term prospects, offsetting the negative impact.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
ARK Next Generation Internet ETF (NYSE:ARKW) purchased shares of Coinbase Global Inc (NASDAQ:COIN) worth over $21.6 million.
The purchase of Coinbase shares by ARK Next Generation Internet ETF (ARKW) may have a neutral impact on the ETF's short-term price direction. While the SEC lawsuit against Coinbase could negatively affect the stock, ARK's investment may signal confidence in the company's long-term prospects, offsetting the negative impact.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
ARK Investment Management purchased a $21.6 million stake in Coinbase despite the stock dropping over 12% following the SEC's lawsuit against the company.
While the SEC lawsuit may have a negative impact on Coinbase's stock price in the short term, Cathie Wood's ARK Investment Management's purchase of a significant stake in the company could signal confidence in its long-term prospects. This may offset the negative impact of the lawsuit, resulting in a neutral short-term price direction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100