Wood Sees Opportunity in Declining Crypto Prices, Targets Coinbase and Circle

Cathie Wood's Ark Invest has been buying up cryptocurrency stocks as prices decline, and two assets have caught her attention. One is Coinbase Global (NASDAQ: COIN), which Wood sees as a key part of her tech portfolio.

Coinbase missed its quarterly earnings estimate in August, causing its shares to fall by 14%. However, this dip has presented an opportunity for Wood's funds to acquire more stock, with nearly $8 million spent on the purchase. The investment firm believes Coinbase will continue to grow as it transforms from a cryptocurrency exchange into a platform where various digital assets can be traded.

The other asset on Wood's radar is Circle Internet Group (NYSE: CRCL), which issues the popular USDC stablecoin with a $72 billion market cap. While Circle sold off sharply in June due to the launch of a new stablecoin called Open USD, this could be another buy-the-dip opportunity.

Circle has recently announced a group of partnerships centered around its new Arc blockchain network, which will be used by top banks and financial institutions. Wood's focus on Coinbase and Circle is a bet on the future of crypto and digital assets, particularly among institutional investors.