Ark Invest Stock Portfolio: Top 10 Picks

2. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Hedge Fund Investors  in Q1 2024: 48

Ark Investment Management’s Q2 2024 Stake: $790 million

Coinbase Global, Inc. (NASDAQ:COIN), the popular cryptocurrency exchange, is up by 44% year to date which is unsurprising. The year has seen several Bitcoin ETFs become available to investors for trading, which then led to volume growth on Coinbase Global, Inc. (NASDAQ:COIN)’s exchanges. The stock’s valuation is dependent on the volume on its platform, and its ability to maintain consumer trust and keep ahead of any potential new entrants to the market. Data from CoinGecko shows that Coinbase Global, Inc. (NASDAQ:COIN) commanded 76.2% of the US volume in March 2023, and the stock surged by a whopping 393% in 2023 as its main rival Binance ran afoul of the US government and faced stifling restrictions. Simply put, Coinbase Global, Inc. (NASDAQ:COIN)’s future is dependent on crypto performance, and the stock should respond favorably in case of more tailwinds.

Patient Capital Management mentioned Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2024 investor letter. Here is what the firm said:

Coinbase Global (COIN) was a top detractor following cryptocurrencies lower throughout the quarter. While cryptocurrencies are going through a digestion period following the all-time high reached by Bitcoin in March, we believe it is still the early innings for institutional adoption and exposure to cryptocurrencies. We believe Coinbase continues to solidify its position as the platform of choice for the crypto-ecosystem and will benefit from this increasing demand over time.”