Coinbase (COIN) released its fourth quarter report beating expectations with a revenue of $953.8 million. Bitcoin (BTC-USD) regained its $1 trillion market cap on Wednesday for the first time since 2021. With the rise of bitcoin investing with spot bitcoin ETF approval, many on Wall Street are expressing more interest in the digital asset.
Ark Invest CEO and CIO Cathie Wood, a vocal advocate of bitcoin, joins Yahoo Finance to give her insight into the crypto markets, Coinbase's performance, Ark Invest's bitcoin ETF, ARK 21 shares bitcoin (ARKB), and more. Wood adds the trading platform is "executing brilliantly."
On Coinbase, Wood claims that it's the "most compliant exchange out there" from a regulatory perspective. She also notes that it's competition is fading, especially given the collapse of FTX and the issues Binance has been facing.
Wood gives her view on the future of bitcoin: "We do five-year plus forecasts, so we're focused on how institutions and countries and companies might use this new asset class for different reasons. So, we think we have just begun from a price appreciation point of view. This is part of a journey. I do believe the SEC giving the green light has encouraged institutions to think carefully about it and have a point of view, so we're in the learning phase right now, and I think over time that this movement into this new asset class will continue to push up the price."
When it comes to Tesla (), Wood says she would support CEO Elon Musk's bid to incorporate the company in Texas, saying a Delaware judge took "the vote away from us, the shareholder" who voted in for Musk's sizable pay package.
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