{"id":21451,"date":"2023-06-07T15:52:38","date_gmt":"2023-06-07T15:52:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cathie-wood-boosts-stake-in-coinbase-stock-despite-sec-lawsuit\/"},"modified":"2023-06-07T15:52:38","modified_gmt":"2023-06-07T15:52:38","slug":"cathie-wood-boosts-stake-in-coinbase-stock-despite-sec-lawsuit","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cathie-wood-boosts-stake-in-coinbase-stock-despite-sec-lawsuit\/","title":{"rendered":"Cathie Wood boosts stake in Coinbase stock despite SEC lawsuit"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/133577324_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/133577324_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/133577324_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/133577324_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The U.S. SEC sued Coinbase Global for violating securities laws this week.<\/li>\n<li>Wood bought $21 million worth of Coinbase stock on consequent sell-off.<\/li>\n<li>Coinbase stock is currently up nearly 60% versus the start of the year.<\/li>\n<\/ul>\n<p>Cathie Wood remains bullish as ever on <a href=\"https:\/\/coinjournal.net\/exchanges\/coinbase\/\">Coinbase Global Inc<\/a> even though it has again come in the crosshairs of the U.S. Securities and Exchange Commission.<\/p>\n<h2>Wood spends $21 million on Coinbase stock<\/h2>\n<p>On Tuesday, the SEC <a href=\"https:\/\/coinjournal.net\/news\/the-sec-strikes-again-first-binance-now-coinbase\/\">sued<\/a> Coinbase for violating securities laws that resulted in an over 10% hit to its stock price \u2013 a sell-off that Wood saw as an opportunity to load up on 419,324 shares of the crypto exchange.<\/p>\n<p>The Founder and CEO of Ark Invest spent about $21 million in total on the said purchase that was spit between three of her exchange-traded funds \u2013 Ark Innovation, Ark Next Generation Internet, and Ark Fintech Innovation.<\/p>\n<p>It is noteworthy here that Wood expects Bitcoin to hit $1.3 million by the end of this decade. To that end, she\u2019s been adding to her position in Coinbase stock this year. It is now her sixth biggest holding.<\/p>\n<h2>Coinbase Global\u2019s response to the SEC<\/h2>\n<p>The lawsuit against Coinbase doesn\u2019t come as much of a surprise considering it was served a \u201cWells Notice\u201d earlier this year. <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1666129111025324035?s=20\" target=\"_blank\" rel=\"noopener\">Responding<\/a> to the SEC complaint, the crypto company said:<\/p>\n<blockquote>\n<p>Remember, SEC reviewed our business and allowed us to become a public company in 2021 and there\u2019s no path to come in and register \u2013 we tried, repeatedly, so we don\u2019t list securities.<\/p>\n<\/blockquote>\n<p>Who also remains bullish on Coinbase stock despite the SEC\u2019s aggressive move is HCW analyst Mike Colonnese.<\/p>\n<p>He maintained his \u201cbuy\u201d rating on the crypto exchange this morning and said its shares could climb all the way up to $77 \u2013 a rather lucrative 45% return from here.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/cathie-wood-buy-coinbase-stock-sec-lawsuit\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The U.S. SEC sued Coinbase Global for violating securities laws this week. Wood bought $21 million worth of Coinbase stock on consequent sell-off. Coinbase stock is currently up nearly 60% versus the start of the year. Cathie Wood remains bullish as ever on [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":21452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21451"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21451"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21452"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}