Cathie Wood buys Coinbase dips

Cathie Wood has created 1 billion positions in coin terms in the last two months. CEO and founder of investment management firm Ark Invest bought Coinbase dips in May and June, taking advantage of the market volatility the cryptocurrency has experienced lately. The day after Coinbase was listed on the Nasdaq in April, COIN's share was sold for $430 before settling at $310 per share. At the time of writing, Coinbase is selling it for $215, a significant drop from its all-time high. Smart investors, in particular, used the dips to buy rather than sell. Investors like Ark Invest seem impressed with the long-term investment opportunity Coinbase offers, and perhaps the value the cryptocurrency offers in general. Ark Invest CEO Cathie Wood has shown to be a bitcoin bull and confirmed her Bitcoin price prediction in May, noting that she sees the price of Bitcoin still reaching $500,000. His comments on Bitcoin's environmental impact and his belief that regulation will become crypto-friendly as industry innovation becomes more prominent. On the environmental impact of crypto, Wood said: “This examination of what miners, particularly in North America, are willing to do about how much of their electricity use is generated by renewable sources will compare this topic and encourage an impetus to renewable energy that would otherwise replace them. adoption of resources.” Where many were concerned about the decline in Coinbase shares, Wood's approach was to gradually add and buy shares as the price of COIN shares fell, with ARK taking a large percentage of Coinbase shares in April and May, 80% higher than retail trading volumes in Q1. With its growing corporate footprint, it's no surprise that eagle-eyed investors and management firms continue to buy stocks.

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