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James Wang is a crypto investor who covered artificial intelligence for Cathie Wood s Ark Invest.
In an interview, he shared how he first invested in crypto and breaks down his bull case for ether.
Wang also laid out a valuation framework that explains how ether could eventually reach $40,000.
James Wang has always been a free spirit when it comes to technology.
In 2015, while working for the chip producer Nvidia, he heard Cathie Wood, the founder of Ark Invest, speaking on Bloomberg Radio. He reached out to Wood and shortly after joined her emerging boutique asset manager as an analyst for the (now $6.6 billion) Ark Next Generation Internet ETF
Cathie Wood Can t Get Enough Of These 3 Chinese Alibaba Rivals
Alibaba Group Holding (NYSE:BABA) in the e-commerce and online groceries space.
The Jack Ma-led Alibaba has seen its shares slump 21.4% since October last year over troubles with the Chinese government, including the scuttling of the planned initial public offering of fintech subsidiary Ant Group. Alibaba was fined $2.8 billion by China in April as what many perceived to be the end of regulatory troubles for the e-commerce giant.
Wood s firm continues to hold about 636,894 shares in Alibaba, worth around $147.1 million as of Friday, but it has, in recent months, piled up significantly on stocks of rivals, some of which now account for a better part of its holdings than Alibaba.
Cathie Wood-led Ark Investment Management sold another 140,682 shares of the payments company
Square Inc (NYSE:SQ), estimated to be worth $35.7 million as of Tuesday s close, as it looks to rebalance its portfolio.
The investment firm’s Ark
Next Generation Internet ETF (NYSE:ARKW) sold 30,000.
The hedge fund counts Square among its top five holdings. It is ARKF’s largest holding representing a 10.9% weight of the ETF, not accounting for Tuesday s trade. ARKF held a total of 1.81 million shares worth about $464.24 million, as of Tuesday morning.
Square is ARKW’s third-largest holding behind
Tesla Inc (NASDAQ:TSLA) and
Grayscale Bitcoin Trust (OTC:GBTC). ARKW held a total of 1.34 million shares, worth about $343.84 million, as of Tuesday.
Cathie Wood-led Ark Investment Management on Thursday snapped up 1.2 million shares of the mobile gaming company
Skillz Inc (NYSE:SKLZ), its biggest trade of the day among a total of two dozen stocks that it bought and sold during the day.
The investment firm deployed the
Ark Innovation ETF (NYSE:ARKK) to buy 1,222,207, shares estimated to be worth about $20 million based on Skillz Thursday close of $16.57.
The shares of the company, which was Benzinga’s “Prep Stock Of The Day” on Thursday, closed 1.13% lower on Thursday but were up 7.24% in the after-hours.
Skillz shares reached their all-time high of $46.30 on Feb. 10 but have been since on a downturn amid short-seller allegations. This week the stock made a breakaway signaling a bottom may have been found.