Cathie Wood said that she is highly optimistic on Coinbase (COIN) stocks, despite the company’s legal hurdles in a conflict with the country’s top financial regulator.
Cathie Wood is the CEO & founder of Ark investment firm. ARK investment invests in the stock assets in bulk and also targets those companies which have significant exposure to the crypto sector e.g. Robinhood, Coinbase, etc. Ark invests holding nearly $2.4 billion public firm stocks.
In Feb of this year, Ark Invest increased its investment in Coinbase (Coin) stock, as the Coinbase stock plunged following the SEC’s Wells notice against the Coinbase services.
In the latest ARK invest CEO Wood shared her opinion on the Ripple vs SEC court ruling and said that it is a major win for Ripple (XRP) and said that it is going to bring a net positive impact for the crypto exchanges.
Furthermore, Wood appreciated the Coinbase stock performance and noted that COIN is not plunging to a new low, despite the American securities regulatory body SEC suing the Coinbase firm.
Coinbase (Coin) price action
The current trade price of COIN is $105 & this price is 31% high over the last 5 days of trade price.
We can see clearly in the price graph that a better boost in the COIN stock came just after 13 July, the day on which Ripple secured a win against the SEC’s charges.
In this situation, Ark Invest is enjoying profit because the company purchased nearly 162,325 Coin shares in Feb at a 57$ trade price. This means Ark secured nearly 84% profit with Coinbase stock investment.
Now: Here this calculation is based on the past public details, & should not be considered as official information by the article readers
XRP lawsuit & regulatory clarity
Following the court ruling in the Ripple vs SEC lawsuit, the majority of the crypto proponents said that it will bring better regulatory clarity for the crypto sector.
But the opposite of it, the majority of the crypto critics claimed that it will bring net zero impact on the regulatory clarity on the nature of other crypto assets.
The former SEC official John Reed Stark said that other XRP like other crypto assets may be Security or/& not in different situations. And also he said that the SEC agency may further appeal against the latest court ruling in this case and it will further bring more regulatory uncertainty over the nature of XRP coin & other crypto assets.
Read also: Elon Musk Says Dogecoin Lawsuit Based on a false premise (court filing)
