Cathie Wood’s Stock Portfolio: Top 5 2024 Stock Picks

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

Number of Hedge Fund Investors: 41

Ark Investment’s Q4 2023 Investment Value: $1.49 billion

Coinbase Global, Inc. (NASDAQ:COIN) operates as a financial infrastructure and technology company, serving the cryptocurrency sector globally. Its offerings include a financial platform for consumers, a marketplace facilitating crypto asset transactions for institutions, and technology solutions enabling developers to create applications based on cryptocurrency and securely accept crypto payments.

On February 15, JPMorgan (JPM) revised its stance on Coinbase Global, Inc. (NASDAQ:COIN) amidst a notable surge in cryptocurrency prices, particularly following the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) in the United States, signaling a potential shift in the industry landscape. JPMorgan upgraded its rating on Coinbase Global, Inc. (NASDAQ:COIN) from ‘Underweight’ to ‘Neutral,’ reflecting a more balanced perspective on the company’s prospects moving forward.

According to Insider Monkey’s fourth-quarter database, 41 hedge funds maintained a bullish stance on Coinbase Global, Inc. (NASDAQ:COIN), a sharp jump from the 27 in the previous quarter. ARK Investment Management held the largest position in the company, with 8.59 million shares valued at $1.49 billion

Patient Capital Management stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its fourth quarter 2023 investor letter:

Coinbase Global, Inc. (NASDAQ:COIN) climbed an incredible 131.7% in the quarter outpacing the 57% gain in bitcoin over the same period as investors became excited about the potential approval of a Bitcoin ETF in the new year. Coinbase continues to stand out as the lead survivor in an industry of fading and failing leaders. Cost savings initiatives taken earlier in the year have resulted in three quarters of positive EBITDA leading to expectations for “meaningful positive adjusted EBITDA” for the full year 2023. We continue to believe COIN has the potential to be the platform for crypto with $5B in liquidity providing the ability to invest and weather any crypto winters.”

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