NewsletterCathie Wood: Binance-SEC Lawsuit Will Help Coinbase In A Way
Ark Investments’ founder Cathie Wood shared an interesting take stating that Binance’s ongoing legal problems in the US will ultimately benefit Coinbase Global Inc. since it would eliminate any kind of competition.
In an interview with Bloomberg Television on Thursday, Wood said: “We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them, therefore we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase.”
Along with Binance, even Coinbase has been facing the heat of the securities regulator. A day after slapping a lawsuit on Binance, SEC filed a similar lawsuit on Coinbase. Both the world’s top two exchanges have been accused of selling unregistered securities.
Cathie Wood, one of the major investors in Coinbase (NASDAQ: COIN), further continued to defend the exchange. She said that Coinbase isn’t accused of any criminal activity. “There are questions about what’s a security, about staking, those are the two questions that Coinbase and Binance are facing, but most of the other questions about Binance have nothing to do with Coinbase,” added Wood.
Cathie Wood Is Bullish on Coinbase
Soon after the SEC announced its lawsuit filing on crypto exchange Coinbase, the COIN stock plunged and came crashing down under $50. However, Cathie Wood made the most of the opportunity while pumping more into buying the COIN stock.
On the very same day, Cathie Wood’s Ark Invest added a total of 419,324 Coinbase (COIN) shares worth $21 million to its portfolio. The investments happened through the Ark Innovation ETF and the Fintech Innovation ETF funds.
Ark Invest is currently the fourth-largest holder of Coinbase and has been adding its stocks during every dip over the past year. Cathie Wood further added that she’s confident about her Bitcoin at a $1 million target. Wood added that uncertainties in the global economy will boost investor confidence in the token.
Coinbase CEO Brian Armstrong said that they are ready to challenge the SEC lawsuit in the US High Court.
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