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Cathie Wood

Nearly $3.3M Coinbase Shares Joins Cathie Woods ARK Invest

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Quite a few things have caused Coinbase to fly beneath the media’s notice. The rest of the community anticipated a decline in the stock price of COIN as the crypto exchange finished its third round of layoffs. In contrast, it was climbing.

Throughout the week, Cathie Wood and Ark Invest, her investment management company, have been in the news. The company was observed repeatedly funding Coinbase. Just yesterday, ARK received 33,756 shares of Coinbase. The cost of this transaction was $1.49 million. Wood’s platform spent another $3.28 million earlier today to purchase 74,792 shares of COIN.

The value of the shares is based on COIN’s Wednesday closing price of $43.79, it should be emphasized. COIN’s price was $44.65 at the time of publication, up 1.96 percent on the day.

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After its shares fell to a low of $31.59 on January 6, Coinbase desperately needed this increase.

As all of its investments saw noticeable growth, Ark was generating a lot of money. Wood’s company also spent $8.5 million buying 69,060 shares of Tesla [TSLA] in addition to Coinbase. TSLA experienced a daily increase of 11.56 percent and closed at $123.21.

Here’s Why Coinbase Chief Received Praise

In spite of the crypto winter, Coinbase boasted in 2022 that it had hired 2,000 new employees. By 2022, however, it had reduced its workforce by more than 2,000. In the middle of this, the brother of the former manager of the exchange received a prison term for insider trading. Consequently, there was a lot of reaction following the encounter.

In the past six months, the firm had let go of 2,110 workers in total, and their staff is becoming slacker. Armstrong attributed the employment cuts to the ongoing bear markets that devoured their earnings. The CEO also acknowledged that the company is terminating a number of projects with low success rates.

However, Coinbase CEO Brian Armstrong received praise for creating a page to support the company’s fired employees.

Armstrong created a page for 122 candidates from various industries. He even gave these candidates the option to opt into the project or to add their names to the list.

Ark Invest’s Cathie Wood Says Banks Are Losing Talent To Crypto

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Ark Invest CEO Cathie Wood has a word of caution for crypto skeptics. Speaking on the sidelines of the Bitcoin 2022 conference in Miami, the top exec said that cryptocurrency was created to stop reliance on legacy financial institutions. According to Wood, the Banks are already feeling the heat.

The leading investor who is one of crypto’s vocal advocates stated, “Banks have a big problem. They’re losing talent to crypto, so they’re having to raise wages to attract talent, and they’re losing business to DeFi. Lending and saving a lot of it is taking place in DeFi right now.”

As interest in decentralized finance or DeFi grows among investors, such applications could threaten the traditional banking world. There’s been a “share shift” when it comes to loans in DeFi, Cathie Wood said.

Cathie Wood, chief executive officer and chief investment officer, Ark Invest, gestures as she speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida.

Apart from that, Wood also pointed out political institutions are also starting to respond to crypto in a more positive way. “What we’re seeing is 180 degrees different today than it was a year ago,” she said.

Wood then took note of the shift in stance from U.S. Treasury Secretary Janet Yellen, who had previously expressed concern on crypto, citing its potential environmental problems and risk of illicit activity.

“I remember I was asked at the time and I basically said she hasn’t studied the technology and she hasn’t studied the instruments of the new asset class. Well, it seems like she’s been boning up,” Wood said.

Cathie Wood reiterated Bitcoin will top $1M by 2030

Harping on her January prediction Cathie Wood one of Bitcoin’s top evangelists said that BTC will scale by $1 million in 2030. It would come with a range of use cases, including as an insurance policy for people of means so that their wealth can’t be confiscated, she said.

Ark was the first public asset manager to gain exposure to bitcoin, in September 2015. Despite bullish narratives, Bitcoin on the price front remained in a correction phase falling by more than 8% in 7 days and trading at $42,533, press time. In the last 24 hours, the world’s dominant asset has registered a decline of 2%, according to coinmarketcap.

Cathie Wood says Bitcoin is the first global private digital currency system

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Cathie Wood, founder, CEO, and chief investment officer of Ark Invest stated that Bitcoin is the first global private digital currency system, which is based on rules. In a summit hosted by the Global Wealth Management Forum’s 2022 “New Economic and Financial Landscape under the Shared Global Recovery”, the exec spoke in detail on the stance adopted by different nations pertaining to Bitcoin adoption.

Citing the example of China where the majority of miners have already left for crypto-friendly shores owing to its administration crackdown. Wood also mentioned some parts of the world are yet to warm up their stance on digital assets, although their attitude is not as harsh as that of the Chinese government. The CEO then went on to mention the current crisis in Turkey where she predicted the likelihood of a blanket ban as opposed to El Salvador building an entire economy out of the king coin.

We think emerging markets will have a polarized attitude, either ban it or welcome it, for example, El Salvador agrees, encourages it, in Turkey, there is a kind of black market existence, the government is currently due to the currency Crisis, struggling. We know that eventually, they should ban the existence of Bitcoin, so now seeing similar problems all over the world, everyone is choosing a different way to deal with it. We are in some countries where Bitcoin is unstoppable.

Cathie Wood is known to make bold predictions. Besides that, the exec is in constant pursuit of finding new ways to invest in crypto assets.

Cathie Wood’s Ark ETF rake in 6.93M shares of SPAC

Cathie Wood’s Ark Invest has reportedly bought nearly 6.9 million shares of the special purchase acquisition firm or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund [ETF]. According to MarketWatch, this purchase would represent a new position for the ETF.

Wood-backed Ark Invest’s ETFs have a long history of making big purchases in the crypto industry. Previously the investment management entity bought $80 million Robinhood shares after the prices retreated back in October 2021. Wood remained bullish on crypto despite not investing in the first futures BTC ETF that same month.