"Is Wood really optimistic that the price of COIN will rise high in the future?"
Investment management company Ark Invest founded by Cathie Wood has bought back shares of Coinbase (COIN) as its price fell after the United States (US) Securities and Exchange Commission (SEC) sued it for violating securities laws.
It is already known that Ark Invest is the fourth largest COIN holder who has continuously bought it since last year despite the volatile movement of the cryptocurrency market.
In addition to buying 419,324 COIN shares worth $21 million on June 6, 2023, Wood also bought 329,773 COIN for ARK Innovation ETF (ARKK), 53,885 for ARK Next generation Internet ETF (ARKW) and 35,666 for ARK Fintech Innovation ETF (ARKF).
As of March 31, 2023, Wood managed to hold more than 12 million COIN shares and he is confident that Bitcoin (BTC) will surpass $1 million by 2030.
It's well known that the SEC sued Coinbase after operating as an unregistered securities exchange, broker and crypto staking program, which prompted the crypto exchange to receive show cause orders from ten state securities regulators.
Next, the SEC also charged Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Sandbox (SAND), Axis Infinity (AXS), Chiliz (CHZ), Voyager (VGX), FLOW, ICP, NEAR , DASH and NEXO as securities in the Coinbase lawsuit.
For the record, COIN shares plunged 21% to $46 after the lawsuit against Coinbase but the price recovered to $52.75 after Ark Invest and other investors bought it.
