ARK Invest, led by Cathie Wood, has made decisive moves in the cryptocurrency market. The firm maintains a positive long-term sentiment for Bitcoin, with projected targets of up to
$2.4 million by 2030. Such growth is expected to benefit altcoins as well, potentially Marco like Shiba Inu and Dogecoin soaring. However, Wood has also expressed concern towards 'meme coins', foreseeing them as ultimately 'worthless'.
ARK Invest has also recently entered major positions in cryptocurrency trading platform,
Coinbase, purchasing tens of millions of dollars worth of shares amid price dips, bringing total COIN holdings to $448,700,000. These purchases occur alongside increases in other tech stocks and a decrease in the company's own Bitcoin ETF.
The firm's recent moves show a belief in institutional demand for Bitcoin, backed by reports of other large institutional investors including
BlackRock and Fidelity increasing investments in Bitcoin. Positive updates from ARK 21shares and Fidelity bring an end to an 8-day outflow streak. Wood also comments on the strength of Bitcoin’s position, should global cooperation on its integration occur, coupled with the decline in the market share of gold.
Yet, amidst their bullish stance on the crypto sector, ARK Invest also voices concerns over Bitcoin treasury companies, considering purchases funded by debt as potentially disastrous.
ARK Coin News Analytics from Wed, 09 Oct 2024 07:00:00 GMT to Tue, 20 May 2025 15:22:45 GMT -
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