Billionaire Ken Fisher Was Buying These 2 Cathie Wood Stocks

Q2 13F filings show that billionaire Ken Fisher's Fisher Asset Management opened new positions in CRISPR Therapeutics (NASDAQ: CRSP) and Coinbase Global (NASDAQ: COIN).

Fisher's fund bought 77,960 CRISPR Therapeutics shares valued at about $4.25 million as of June 30. The firm also purchased 9,714 Coinbase shares valued at about $1.42 million.

Both stocks were among Cathie Wood's ARK Investment Management's 15 largest disclosed holdings at the end of the second quarter.

In this article, we will focus on Coinbase.

COIN is down 15% this year, but there are signs that a rally could be near as bullish investors become more optimistic about a broader recovery in cryptocurrency markets. The stock gained more than 10% in one September session as Bitcoin advanced and crypto-related equities rallied.

Coinbase's second-quarter transaction revenue fell 22% year over year but the company continued to gain market share. Coinbase's share of crypto trading reached a record 10.3% in the second quarter, up 120 basis points from the prior quarter.

Bulls say this matters because a broader crypto-market recovery could allow Coinbase to convert its larger market share into stronger transaction revenue. The company cannot control Bitcoin's price or overall crypto sentiment, but it can add customers, increase deposits and improve its product offering.

Coinbase is seeking to become more than a crypto exchange. The company has expanded into stock and ETF trading for US users, prediction markets and derivatives, while also building stablecoin and blockchain-infrastructure businesses.

Prediction markets have reached a $100 million annualized revenue run rate, according to the company. Management has said that customers using newer products, including prediction markets and derivatives, are also showing signs of generating incremental spot-crypto trading activity rather than simply shifting trading away from other Coinbase products.

The biggest risk is that crypto markets may not recover as bulls expect. Coinbase remains highly sensitive to crypto prices, volatility and retail participation. Morgan Stanley said earlier this month that retail crypto trading, which accounts for about 40% of Coinbase's revenue, remains the key swing factor for the company.

The bank also said regulatory clarity could expand Coinbase's addressable market and allow it to offer more products. However, it could also attract more competition from traditional financial firms and put gradual pressure on the fees Coinbase earns on transactions.