Blockchain com co-founder Nicolas Cary countered at Cathie Wood after the financier took a swipe at he crypto company by questioning its appraisal and management.
“If you look at the others like Blockchain.com, its valuation over the past year has tripled while Coinbase in our portfolios is down 40%. That makes no sense,” Wood, the CEO of Ark Invest, informed CNBC on Tuesday.
“Coinbase is a far better and well diversified company, right? And I would argue better managed company.”
Blockchain com is a cryptocurrency trading platform and wallet, in addition to a direct competitor toCoinbase Blockchain. com is still a personal business. Cathie Wood’s Ark Invest funds hold shares of Coinbase, which is noted in the UnitedStates Shares of Coinbase are down more than 50% over the previous year.
Wood’s remarks can be found in the context of a response about assessments of innovation stocks as rates of interest increase. She discussed the distinction in between public and personal market assessments of innovation business.
“This (Blockchain.com) is up threefold in one year and Coinbase is down 40%. Does that make any sense to you? I think the private market has this more right than the public markets. And the reasons the public markets aren’t efficient is that they are not doing the research,” Wood stated.
Cary, co-founder and vice chairman ofBlockchain com, countered at Wood’s remarks.
“Well there’s definitely a difference between private markets and public markets and Cathie’s position has taken a pretty big haircut. I think what’s interesting to note is yeah, our company valuation our company’s valuation did triple, and that was in the context of a global pandemic, a collapse in tech equities and a land war breaking out in Europe,” Cary informed CNBC in an interview on Wednesday.
“Coinbase’s position is not well understood in the market … in the long term though I think both companies have a lot of upside, and our recent investors are very excited about our future. We’ve been working very hard to build a composition of revenue that’s minting better quarterly results.”
When pressed to react to Wood’s particular talk aboutBlockchain com’s management, Cary stated: “I think the market is pretty clear — her position is down 50% and ours is up 3 X so…”
Cary stated thatBlockchain com is taking a “patient approach” to going public which it is presently “well capitalized.”
“Tech equities have obviously taken a pounding, Cathie’s positions are down all over the place, we’re going to take our time with it. We need to see the crypto markets sort of be better understood by the public markets,” Cary stated.