Is Cathie Wood Right to Be Bullish on Coinbase Stock?
Throughout the first three months of 2023, Ark Invest's Cathie Wood has continued to load up on Coinbase Global (NASDAQ: COIN) stock. In February, Wood made huge buys of $9 million and $13 million, followed up by another $20 million purchase in early March. With each new purchase, Wood has reiterated her bullish stance on crypto.
When you peek under the hood at Coinbase, it's easy to see why. There are three key catalysts that have the potential to send this stock's valuation soaring. Let's take a closer look at each one.
The starting point for the bullish case for Coinbase, of course, begins with the return of the retail crypto investor. While Coinbase managed to beat analyst expectations when it released fourth-quarter 2022 earnings, there were obvious signs that the world's second-largest cryptocurrency exchange continues to be hit hard by the collapse of the crypto market in 2022. Monthly users are still trending down, as is trading revenue.
Source Fool.com
