America’s First Mover: On Coinbase, Cathie Wood makes a comeback

Cathie Wood comeback on Coinbase

About Cathie Wood

Cathie Wood is a prominent stock picker and the founder of ARK Invest, which invests in genomics and self-driving cars with assets totaling $60 billion.

Cathie Wood started ARK in 2014 with the intention of putting active stock portfolios into an ETF format after working for other investment firms. Over the past five years, her flagship $23 billion (assets) Ark Innovation Fund has returned an average of nearly 45 percent annually. At USC, Wood studied economics under Art Laffer, the creator of the Laffer Curve, which predicts a connection between tax rates and revenue. Wood is a major supporter of Elon Musk’s Tesla. She predicts that the electric vehicle company will eventually be worth more than $3 trillion.

Cathie Wood’s comeback on Coinbase

More than 213,000 Coinbase (COIN) shares worth approximately $13 million have been added to Ark Invest’s ARK Innovation (ARRK) and Next Generation (ARKW) exchange-traded funds by noted growth investor Cathie Wood. It would appear that Ark Invest made the largest single purchase of Coinbase shares this year with the addition of 181,972 shares to ARKK. Coinbase’s quarterly earnings beat expectations earlier this week, but its stock fell 1.4% on Wednesday as crypto assets experienced a broad decline. The stock of the cryptocurrency exchange is up 82% year to date, reaching $61.18, but it is still below its closing-day peak of $342 in November 2021.

A $1.02 billion deal between Binance’s U.S. wing and bankrupt crypto lender Voyager Digital to purchase assets may be illegal, according to the Securities and Exchange Commission of the United States. According to the SEC, specifically, redistribution of crypto assets to account holders, particularly Voyager’s VGX token, could be considered the sale of unregistered securities. the Binance acquisition of Voyager. On Wednesday, US creditors gave the deal their almost unanimous approval, with 97% voting in favor of it.

With a new pilot involving “token-enabled playlists,” the music streaming service Spotify may be trying its hand at Web3 by connecting holders of non-fungible tokens to their wallets and listening to curated music. For a three-month testing period, Spotify is only making this available to token holders in the Fluf, Moonbirds, Kingship, and Overlord communities. “Routinely conducts a number of tests in an effort to improve our user experience,” Spotify.