BlockchainCom Co-Founder Rebuts Cathie Wood’s Swipe

BlockchainCom Co-Founder Nicolas Cary called out Cathie Wood’s positions having been trimmed off  50% after Wood implied the crypto exchange’s valuation was unjustifiable.

Last month, the company raised another round of investment led by Lightspeed Venture Partners and Baillie Gifford, putting its valuation at $14 Billion, more than doubling from its prior fundraising round.

“Her Position is Down 50%”

It has been a tough year for Cathie Wood, CEO of ARK Invest, whose major fund, Innovation ETF (ARKK), has been down nearly 40% YTD. Her recent remark on the beaten-down stocks like Coinbase getting unfairly hammered by the markets has caught the attention of Nicolas Cary, the co-founder of BlockchainCom.

Wood took a swipe at BlockchainCom, a direct rival of Coinbase, of which Ark Invest has held a big chunk of shares. The famed fund manager expressed her slight annoyance that BlockchainCom has been up threefolds in a year while shares of Coinbase are down nearly 50% in the same timeframe.

She attributed the drastic contrast to the fact that BlockchainCom is a private company, and the public market has not done enough research on the crypto sector.

When asked to respond to Wood’s comment in an interview with CNBC, Cary blatantly said, “I think the market is pretty clear — her position is down 50%, and ours is up 3x so…”

Cary added that his firm is financially well-positioned, with its recent investors being excited about its future, and that the company does not hurry to get listed as a publicly-traded company.

Despite the rebuttal, Carry agreed that in the long run, both companies will have a lot of upsides as Wood’s Coinbase position becomes more well-understood by the broader markets.

Wood’s Unfaltering Belief in Bitcoin

As reported days ago by Cryptopotato, the Bitcoin bull expressed confidence over Block-owned Cash App, stating that Ark Invest would consolidate its portfolios by choosing Block over PayPal.

As one of the highly anticipated speakers at the Bitcoin 2022 Conference, Wood predicted that sitting side-by-side with another bitcoin proponent Micheal Saylor, bitcoin could reach 1 million per coin by 2030.

Featured Image Courtesy of Saigon News USA


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