At the time of writing, Bitcoin is trading the time for $16,518.92, and Ethereum is trading for $1,164.89. While both of these prices are far away from their all-time highs, their current prices are considered “stable” thus far, considering the collapse FTX, and the contagion it’s causing across the industry. Cryptocurrency lending firm Genesis Global Capital is the latest to be affected by the FTX collapse. The firm has recently hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. Coinbase took to Twitter to remind their customers that their financials are public record and they hold $2M Bitcoin. The transparency, combined with the fall of FTX was enough for Cathie Wood to go deeper into her Coinbase investment, as ARKK increased its holdings by purchasing more than 1.3 million shares of Coinbase since the start of November, worth about $56 which or around 4.7% of Coinbase’s total outstanding shares. In an interview with Bloomberg Wealth, Cathie Wood discussed why she doubled down on Coinbase, and her bullish outlook for Ethereum and Bitcoin are heading after the FTX.
Cathie Wood is an American investor and the founder, CEO and CIO of Ark Invest, an investment management firm. Cathie Wood started the firm in 2014, after her idea for actively managed exchange-traded funds based on disruptive innovation was deemed too risky by AllianceBernstein. The company is named after the Ark of the Covenant. In 2020, Wood was named the best stock picker of by Bloomberg News editor-in-chief emeritus Matthew A. Winkler.
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“I’m More Confident In Bitcoin Since the FTX Collapse” | Cathie Wood