Hedge fund manager Cathie Wood has doubled down on shares of Coinbase (COIN) amid the tariff-induced stock market crash.
According to Cathiesark.com, Ark Invest placed three buy orders for Coinbase stock on April 4th, amounting to over $13 million, making COIN the second-largest holding in all its combined exchange-traded funds (ETFs).
COIN is currently trading at $161, about 54% down from its December 2024 high.
In a recent video update, Wood says that she expects Bitcoin (BTC) to begin outperforming gold in the coming months. According to the investor, the BTC to gold ratio hasn’t broken its long-term uptrend.
“Gold has had a good run against Bitcoin. Bitcoin did very well relative to gold in 2023 and 2024, but not so this year. Nonetheless, we do think over time, Bitcoin will appreciate relative to gold, and as you can see, it has not broken the uptrend line.”
While bullish on Bitcoin and Coinbase, Wood said last month that she expects many other crypto assets to go to zero, particularly tokens in the memecoin space. In an interview with Bloomberg, Wood predicted that “millions” of memecoins would become worthless.
“What we think will happen is there will be some fearsome declines in the prices of some of these meme assets, and there’s nothing like losing money for people to learn. Now learn that the SEC and regulators are not taking responsibility for these memecoins…
The millions of memecoins will probably end up worthless. When we’re talking about the big three – Bitcoin, Ethereum, Solana, the use cases for those are multiplying, and we think they’re going to become very important in the years ahead. Memecoins, not so.”
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