• ARK Invest CEO Cathie Wood is bullish on Coinbase’s future after the ruling in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).
• Coinbase shares soared after the XRP ruling was made public, and some legal experts have said it could indicate that Coinbase will prevail in its own lawsuit with the SEC.
• ARK Invest has decided to sell some of its Coinbase shares for profit-taking, but remains optimistic about the crypto exchange’s future.
ARK Invest Bullish on Coinbase After Ripple’s Victory
Ruling in Ripple’s Lawsuit With SEC
The U.S. Securities and Exchange Commission (SEC) recently made a groundbreaking ruling in their lawsuit against Ripple for the sale of their XRP token, which has caused ARK Investment CEO Cathie Wood to remain optimistic about top US crypto exchange Coinbase’s future. In an interview with Bloomberg, Wood stated that while they had decided to sell some of their shares of Coinbase for profit-taking, she still remains bullish on the exchange’s prospects.
Coinbase Shares Soar After Ruling
The ruling has caused a surge in Coinbase shares, leading them to close Tuesday at $104.59 – more than 106% higher than when they hit a low of $50.56 after the SEC filed a lawsuit against them back in June alleging that they were selling unregistered securities. Some legal experts have even suggested that this ruling could indicate that Coinbase will prevail in its own case against the SEC as well.
ARK Invest Remains Optimistic
Despite taking profits by selling some of its Coinbase stock, ARK Invest remains optimistic about what this means for exchanges going forward and how it could benefit Coinbase itself in its case against the SEC. This sentiment is further reflected by the fact that it is now one of their largest stocks within both their flagship strategy and fintech strategy portfolios despite its recent volatility due to regulatory uncertainty surrounding crypto exchanges like itself.
Overall, Cathie Wood and her team at ARK are confident that despite taking profits from some of their existing holdings in Coinbase stock, there are plenty of reasons to remain bullish on what this means for both crypto exchanges and how it will benefit companies like Coinbasse moving forward – especially considering how quickly it rose back up following news regarding its own case with the SEC earlier this year..