Cathie Wood's Coinbase $4,600 Target: Math Is Hard

ARK Invest, led by Cathie Wood, published research suggesting Coinbase (COIN) could reach a $4,600 price target — which would have implied a market cap larger than JPMorgan Chase, the largest bank in the United States.

Coinbase's stock, which was around $250 at the time of the prediction, subsequently crashed to under $35 during the crypto winter of 2022. While it has recovered somewhat with the crypto rebound, it has never come close to the $4,600 target.

The prediction highlighted a pattern in ARK's research: extraordinarily bullish price targets based on best-case scenario assumptions, with little consideration for competition, regulation, or market realities.