Cathie Wood's Ark Invest Placed Well-Timed Coinbase Bet Before Stock Surge
Summary
Cathie Wood's Ark Invest ETFs added nearly 200,000 Coinbase shares, valued at approximately $31 million, over three trading days amid market declines due to trade tensions. The Ark Innovation ETF, Ark Next Generation Internet ETF, and Ark Fintech Innovation ETF collectively increased their holdings, now totaling 3,071,038 shares of Coinbase. Following a 90-day pause on trade tariffs, the value of these shares rose to about $550 million. Despite a 28% year-to-date decline in Coinbase's stock, analysts from Cantor Fitzgerald issued an "Overweight" rating with a $245 price target, citing its ties with Circle and Ethereum's Base network.
