Cathie Wood is Buying These 5 Stocks

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

ARK Investment Management’s Stake Value: $1,590,805,000

ARK Investment Management’s 13F Portfolio: 3.82%

Number of Hedge Fund Holders: 49

Coinbase Global, Inc. (NASDAQ:COIN) is the largest cryptocurrency exchange in the US with monthly transacting customers of 7.4 million as of Q3 2021. The crypto stock went public in April and has gained over 32% in the past six months. 

Coinbase Global, Inc. (NASDAQ:COIN) is one of the stocks Cathie Wood purchased in Q3 2021 and the crypto stock represents 3.82% of ARK Investment Management’s fund. Cathie Wood increased her stake in the stock by 25% in the period between June and September. ARK Investment Management is the biggest shareholder of the crypto stock with 6.99 million shares worth $1.59 billion. 

On November 10, Joseph Vafi of Canaccord Genuity maintained a Buy rating on Coinbase Global, Inc. (NASDAQ:COIN), highlighting the cryptocurrency exchange’s new features such as NFT and direct deposit. Vafi increased his price target for the crypto stock to $342 from $325.

In its Q3 2021 investor letter, Hayden Capital mentioned Coinbase Global, Inc. (NASDAQ:COIN) and discussed its stance on the firm. Here is what the fund said:

“Coinbase (COIN): We established a new position in Coinbase, the dominant US crypto exchange and brokerage, this quarter. Given the misperceptions and early-stage nature of the industry, I thought it would be helpful for our partners’ understanding to share a report outlining our thesis, which we published on October 31st.

At a high level, we believe the crypto economy is in the middle of “crossing the chasm” into mainstream adoption & use cases, which will result in millions of mainstream users needing to transact in crypto in some form.

Coinbase is well-positioned in the Western, regulated markets to capture this influx – considering their dominant market share/mindshare, their focus on the casual user and thus superior user experience compared to alternatives and their position as a “toll-booth” for this industry. Longer-term, we also believe Coinbase has “super-app” ambitions, and will be the primary gateway for both the general population and institutions to interact with the crypto economy…” (Click here to see the full text)

You can also take a peek at the 10 Stocks to Buy According to Robert Smith’s Vista Equity Partners and Cathie Wood is Selling Tesla and 9 Other Stocks.

Follow Insider Monkey on Twitter