COIN - Cathie Wood Says Coinbase 'Is In The Right Place At The Right Time' After Selling Shares Worth $26.7M: 'They're Executing Brilliantly' | Benzinga
ARK Invest CEO Cathie Wood described that Coinbase Global Inc (NASDAQ:COIN) is performing well soon after the latter released its fourth-quarter earnings, surpassing expectations.
What Happened: During an interview with Yahoo Finance, Wood, lauded Coinbase, stating that it is the most compliant exchange from a regulatory standpoint and is outperforming its competitors.
“Well, one of the things that it’s doing right is that it is from a regulatory point of view the most compliant exchange out there. And it’s losing all its competition. Last year’s demise of FTX was very important,” Wood said.
“And even Binance issues have had a positive impact on Coinbase from a market share point of view. I think they’re also in the right place at the right time. And they’re executing brilliantly.”
Coinbase’s Q4 revenue stood at $953.8 million, outperforming analysts’ predictions. This news coincided with Bitcoin’s resurgence, further piquing Wall Street’s curiosity about the digital asset.
She also attributes Coinbase’s success to the current market volatility, which is ...