If you maxed out your Robinhood account to buy Bitcoin at its all-time high of $106,857 on December 17, congratulations… you now know what it feels like to get rugged by the market and the headlines. Since then, the world’s most famous digital currency has dropped just over 20%, falling to around $85,000 and dragging half the crypto sector down with it. And as we all know by now… when Bitcoin coughs, the rest of crypto catches COVID-19.

Nowhere is that more obvious than with Coinbase… the biggest U.S.-based crypto exchange and arguably the most accurate barometer of retail panic. COIN is down 31% year-to-date, which is impressive in its own sad way, considering it already started 2024 looking like it had rolled out of a bar fight.

His new global trade war has sent Wall Street into a tailspin, even though he’s supposedly the most pro-crypto president in history. Unfortunately, crypto investors don’t care if you love blockchain… they care if your policies might nuke the economy. As Cantor Fitzgerald dryly put it: “Tariffs increase the risk of economic slowdown, which makes speculative assets less attractive.” For lack of better words: your cousin who was bullish on Dogecoin is now buying Treasury bills.

But while most of Wall Street was busy crying into their dividend statements, Cathie Wood was back on her bullsh*t… buying the dip like it’s going out of style.

Between April 4 and April 10, ARK’s funds ARKK, ARKW, and ARKF (aka the Three Musketeers of Tech Delusion) bought up 128,093 shares of Coinbase, worth about $22.6 million. Altogether, Cathie now holds over 3.07 million shares, worth just under $550 million (making the crypto stock one of her top holdings).

To be fair, it’s not all sunshine and Doge memes in Cathie’s world. ARKK is down 19.7% year-to-date. But still, Wood’s strategy hasn’t changed… when the market panics or even when it’s hitting all time highs, she goes shopping. And miraculously, there may be some logic behind the madness.

Just this week, Cantor Fitzgerald upgraded Coinbase to “Overweight” and issued a $245 price target… that’s a solid 40% upside from where the stock trades now. Their thesis? Coinbase isn’t just a place where people swap tokens and pray. It’s becoming a broader fintech ecosystem with multiple growth levers (that aren’t entirely powered by Twitter hype).

They pointed to Coinbase’s key partnership with Circle, the issuer of USDC, a fully regulated and widely used stablecoin that hasn’t blown up yet (which is saying a lot in this industry). USDC has become a foundational piece of Coinbase’s operations, helping it stay relevant even when trading volume slows.

They also called out Base, Coinbase’s Ethereum Layer-2 network. It’s still early days, but it’s gaining traction and could play a major role in Coinbase’s infrastructure going forward (assuming the SEC doesn’t kill it with paperwork first).

That said, not everyone’s singing bullish ballads. Oppenheimer still sees promise and maintains a $200 price target, calling Coinbase a “leading name” in the space (which feels like calling someone the “least unstable” contestant on a reality dating show… technically true, but not exactly reassuring). On top of that… KBW downgraded COIN last month, citing concerns over declining trading volume and the pressure that puts on revenue if crypto prices stay in the gutter.

Still, even in this mess, Coinbase keeps the lights on. Between transaction fees, Coinbase One subscriptions, and institutional services like Coinbase Prime, it continues to bring in real money. And in a market begging for regulation, Coinbase is still the top U.S. exchange for both retail and institutions who want to trade crypto without waking up to find their assets “temporarily paused.”

So yeah, Cathie might be early (again). But I believe this dip buy will look a whole lot smarter in six months.

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Stock.News has positions in Robinhood.