Coinbase Hits 3-Year High: Cathie Wood's Top Pick Surges As Bitcoin Rockets Past $72,000

The Bitcoin BTC bull rally is in full swing as the cryptocurrency reaches another all-time high. Bitcoin popped on Monday, rising roughly 5% to settle above $72,300 just days after smashing 2021's peak.

Amid the renewed excitement around crypto, Coinbase COIN has seen its shares recover to a level not seen since the exchange went public in 2021. Since the company smashed expectations in its February earnings report, COIN is up nearly 60%.

The stock had been hammered after the 2021 bull market cooled off. It was down over 90% from its peak at one point. But as the company cut costs and worked to increase revenues, the stock has recovered.

The recent change in fortunes has led many analysts to adjust their price targets up significantly; notably, Goldman Sachs raised their target from $170 to $282.

ARKK

COIN is a favorite of Wall Street guru, Cathie Wood. Wood is bullish on Coinbase and crypto at large. She recently predicted a future valuation for Bitcoin of over $2 million and was instrumental in the approval of spot BTS funds; her ARK 21Shares Bitcoin ETF ARKB was one of the very first of its kind to list.

COIN is the largest holding in Wood's flagship ARK Innovation ETF ARKK, making up over 11% of the fund. It is also one of the few winners so far this year of ARKK's major holdings. Tesla TSLA and Roku ROKU are both down close to 30% so far in 2024.

Max View 

Traders bullish on Wood and her fund can buy the ETF directly or for those who want to maximize their view further, leveraged funds can help. For example, the award-winning AXS 2X Innovation ETF TARK aims to return twice the daily return of ARKK. 

And for traders not buying what Wood is selling, AXS offers an option for the bears. The AXS Short Innovation Daily ETF SARK, which aims to return the inverse performance of ARKK, can be an attractive option.

TARK was just awarded Best ETF Launch at Benzinga's 2023 Fintech Awards. The innovative fund was launched in May of 2022 and the care and skill with which the fund is operated is clear.

Photo by Kanchanara on Unsplash.