Cathie Wood bullish on Coinbase after Ripple court ruling

Cathie Wood, the creator and CEO of ARK Investment Management, stated she stays bullish over Coinbase in light of Ripples partial success over the Securities and Exchange Commission on July 13. While Wood noted the judgment wasnt in outright favor of Ripple, she lauded the outcome as “by and large, very favorable for [crypto] exchanges.” Wood signs up with the ranks of crypto industry experts who have actually made similar points, arguing that the ruling– which found that XRP (XRP) tokens offered to retail investors on crypto exchanges were not securities– could set a positive precedent for Coinbase and Binance in their respective legal fights with the regulator. Wood described that regardless of the crypto exchange getting a Wells notification in March and being hammered by a claim from the SEC in June, the share price never ever was up to new lows, suggesting toughness in the worth of Coinbase stock. On July 17, 3 of Woods ARK Investment exchange-traded funds (ETFs) cashed in on the crypto exchanges current rally, selling an overall of 248,838 shares, worth $26.3 million at the time. These sales came six days after the ARKInnovation ETF offered an extra $12 million worth of Coinbase stock on July 11. Coinbase share price year-to-date. Source: TradingViewCoinbase began 2023 trading at simply $33.60 a share. At the time of publication, shares of COIN have actually risen more than 184% because then to reach a rate of $105.55, according to data from TradingView. Related: US controls crypto startup financing in Q2: ReportWhile many industry players are turning significantly bullish on Coinbase, analysts from financial investment company Berenberg Capital Markets cautioned that numerous aspects of policy for crypto exchanges are far from being fixed. In a July 17 investment note seen by Cointelegraph, lead analyst Mark Palmer stated that Coinbase Earn– a financial product that provides yield on crypto staking– appears “especially vulnerable” to being defined as a security in light of the comments made by Judge Analisa Torres in her judgment on the Ripple case. Publication: How clever individuals invest in dumb memecoins– 3-point prepare for successUpdate (July 18, 3:30 am): This post has actually been upgraded to consist of ARK Invests July 17 sales of Coinbase shares..