ARK Invest’s Cathie Wood is famous for her support of innovative technologies and fresh ideas. The veteran money manager has created a suite of exchange traded funds that track the latest and greatest developments in tech, from A.I. and robotics to 3D printing and genomics. But Wood is perhaps best known for her long-running support of cryptocurrencies, and particularly Bitcoin. In February, ARK Invest even predicted Bitcoin could rise to nearly $1.5 million by 2030 due to increasing institutional adoption of cryptocurrencies.
On Tuesday, Wood doubled down on her bullish crypto stance, picking up nearly 420,000 shares of Coinbase stock as it plummeted 11.4% after the Securities and Exchange Commission sued the crypto exchange, alleging that it has operated as a broker, securities exchange, and clearing agency without proper registration.
