Blockchain.com Co-founder Blasts Cathie Wood Following Her Crypto Comments

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Blockchain.com co-founder Nicolas Cary And Cathie Wood
Blockchain.com co-founder Nicolas Cary And Cathie Wood

Blockchain.com co-founder Nicolas Cary blasted Cathie Wood after the billionaire investor question the valuation and management of the crypto space. 

“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, told CNBC on Tuesday.

“Coinbase is a far better and well-diversified company, right? And I would argue better-managed company.”

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Blockchain.com is a crypto exchange and wallet. The platform is a rival to Coinbase and Binance, although it’s still a private company. Cathie Wood’s Ark Invest funds hold shares of Coinbase, which is listed in the United States. Shares of Coinbase are down more than 50% over the past year.

“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 market. And the reasons the public markets aren’t efficient is that they are not doing the research,” Wood said.

Cary, co-founder, and vice-chairman of Blockchain.com responded to Wood’s comments.

“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 told 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.”