Here's Why Cathie Wood Was Right About Coinbase (COIN)

We recently published Top 10 Analyst Calls on Trending Stocks You Shouldn’t Miss. Coinbase Global, Inc. (NASDAQ:COIN) is one of the major analyst calls.

In February 2024, Ark Invest CEO and CIO Cathie Wood explained why she is bullish on Coinbase and praised the company’s execution. Here is what she said at the time.

“Coinbase is doing right, right now. One of the things that it’s doing right is that it is, from a regulatory point of view, the most compliant exchange out there, and it’s losing all its competition. Last year’s demise of FTX was very important, and even Binance’s issues have had a positive impact on Coinbase from a market share point of view. I think they’re also in the right place at the right time, and they’re executing brilliantly. The market is very volatile, so trading platforms benefit from volatility, and we certainly have had a lot of that recently. Then, of course, with these spot Bitcoin ETFs coming out, we’ve seen the price increase, or there’s been volatility around it, but now it seems to be breaking out the price, and that’s also good for Coinbase. So, a lot of wins.”

Cathie Wood’s ARK owns 2.6 million shares of the company as of the end of the June quarter. It’s ARK’s second biggest position. Coinbase has gained about 93% over the past year.

Patient Capital Management stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2024 investor letter:

“The top performers in the fourth quarter were once again Financials and Travel names. We’ve been over-indexed to them since the pandemic, which has served us well. We strategically added to certain financial names like Sofi Technologies (SOFI) and Coinbase Global, Inc. (NASDAQ:COIN) during the year. Both companies rebounded strongly in the fourth quarter. We believe Coinbase is building the platform for the crypto ecosystem. Certain recent advances (wallet, base improvements, USD Coin) could cause an adoption tipping point. We like that Coinbase continues to widen its moat by persistently investing in innovation.”

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Disclosure: None. This article is originally published at Insider Monkey.