Cathie Wood says she's still upbeat on Coinbase despite recent sales

Quick Take

  • Cathie Wood said on Monday that her firm is very positive on Coinbase, and exchanges more broadly, after Ripple Labs’ partial legal win last week. 

Cathie Wood said Monday that she had an upbeat view on crypto exchange Coinbase after a court ruling last week handed Ripple Labs a partial victory in an ongoing dispute with the Securities and Exchange Commission. And that's despite Ark Invest's recent sales of the company's stock. 

"We’re very positive on Coinbase, especially in light of the court ruling for Ripple and against the SEC," she said on Bloomberg television. "There were some puts and takes, but by and large, very positive for exchanges."

Ark Invest sold off an additional $50 million worth of Coinbase stock on July 15 as the stock rallied. Wood attributed the selling activity to simple profit taking to reallocate "capital to perhaps some laggards."

Coinbase shares were mostly flat on Monday, rising 0.2% to trade at $105.55, according to TradingView. It's rallied 189.3% so far this year.

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