Galaxy Digital CEO Mike Novogratz was among those over the moon with the news, others warn it could be the start of a major institutional takeover.
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Galaxy Digital CEO Mike Novogratz was among those over the moon with the news, others warn it could be the start of a major institutional takeover.
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Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs.
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Cathie Wood’s ARK and crypto investment firm 21Shares are tripling down on their attempt to get approval to create a spot Bitcoin ETF in the U.S.
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ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year.
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Cathie Wood was impressed that Bitcoin “moved in a very different way” compared to the equity market in response to the recent banking crisis.
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Bitcoin’s rebound in 2023 has also seen Coinbase stock gaining over 100% year-to-date, boosting Cathie Wood’s ARK portfolio.
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The hedge fund manager instead wants to see an “inflation-linked coin” be brought to the masses which would serve to ensure consumers secure their buying power.
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The crypto and innovative tech investment firm is confident that inflation will fall and the Fed will pivot in 2023.
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