Cathie Wood Says Coinbase 'Is In The Right Place At The Right Time' After Selling Shares Worth $26.7M: 'They're Executing Brilliantly'

ARK Invest CEO Cathie Wood described that Coinbase Global Inc COIN is performing well soon after the latter released its fourth-quarter earnings, surpassing expectations.

What Happened: During an interview with Yahoo Finance, Wood, lauded Coinbase, stating that it is the most compliant exchange from a regulatory standpoint and is outperforming its competitors.

“Well, 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,” Wood said.

“And even Binance 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.”

Coinbase’s Q4 revenue stood at $953.8 million, outperforming analysts’ predictions. This news coincided with Bitcoin’s resurgence, further piquing Wall Street’s curiosity about the digital asset.

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She also attributes Coinbase’s success to the current market volatility, which is benefiting trading platforms.

Wood provided her long-term forecast for Bitcoin, stating, “We do five-year plus forecasts, so we’re focused on how institutions and countries and companies might use this new asset class for different reasons. So, we think we have just begun from a price appreciation point of view.”

Why It Matters: Coinbase’s Q4 earnings, which exceeded expectations, were a surprise to many. This development followed a period of consistent selling of Coinbase shares by Ark Invest, which ended in a halt in January amid Bitcoin ETF buzz.

However, following the earnings report, Ark Invest sold a significant number of Coinbase shares, despite the company’s unexpected quarterly profit. This suggests that while the market is bullish on Coinbase’s performance, Ark Invest may have a different view. The firm sold a total of 162,762 Coinbase shares, worth $26.7 million, through its flagship ARK Innovation ETF and ARK Genomic Revolution ETF.

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Photo via Ark Invest