Major Investor Bullish on Coinbase, not Binance
The US Securities and Exchange Commission is taking Coinbase to court. But that doesn’t seem to put off major investors like Cathie Wood, the CEO and chief investment officer of ARK Invest.
Cathie Wood, the CEO and chief investment officer of ARK Invest, is getting more Coinbase (COIN) shares. Despite the US Securities and Exchange Commission's (SEC) lawsuit against it, she told Bloomberg.
She believes that Coinbase has a solid chance to emerge as a market leader due to the legal battle with the SEC. To substantiate her beliefs, ARKK acquired nearly 330,000 shares of COIN, worth around $17 million. Ark Fintech Innovation ETF and Ark Next Generation Internet ETF purchased 35,700 shares (worth $1.8 million) and 53,900 shares (worth $2.8 million), respectively.
Commenting on the allegations leveled against Coinbase and Binance, Wood said that the latter’s case looks gloomier as it is accused of more criminal, with “fraud being one of them.”
Wood, best-known for investing in disruptive innovations like Artificial Intelligence, also expressed the belief that $1 million is a target for Bitcoin's worth-wise. In May, she said that the U.S. is 'losing' the bitcoin movement owing to its regulatory system.
Previously, GNCrypto reported that Binance was forced to leave the Canadian market while Coinbase is feeling good about the country’s regulatory market.
