Ken Fisher Opened Stakes in Coinbase and CRISPR Therapeutics

The two new stakes together were worth less than $6 million at the end of June, a sliver of Fisher Asset Management’s reported $335.8 billion portfolio. The more interesting detail is where the firm placed those bets: Coinbase, a crypto exchange expanding beyond trading, and CRISPR Therapeutics, a gene-editing company with therapies in development.

Fisher Asset Management’s second-quarter filing showed 9,714 Coinbase shares valued at about $1.42 million and 77,960 CRISPR Therapeutics shares worth roughly $4.25 million. Both were new positions in the filing, which reflects holdings on June 30, not necessarily what the firm owns now or why it bought. The SEC received Fisher’s report on August 4.

The overlap with Cathie Wood’s ARK Investment Management is notable, though it should not be mistaken for a coordinated trade. CRISPR Therapeutics and Coinbase ranked among ARK’s larger disclosed holdings at quarter-end. ARK reported about 9.46 million CRISPR shares and 2.51 million Coinbase shares in its own second-quarter portfolio disclosure. Those filings also lag the underlying trades.

Coinbase offers a bet on both crypto activity and the company’s attempt to diversify its revenue. Its second-quarter crypto trading market share reached a record 10.3%, up from 9.1% in the prior quarter, even as the exchange reported a difficult market backdrop. Prediction-market contracts and revenue more than doubled quarter over quarter, crossing a $100 million annualized run rate, Coinbase said. The counterweight is familiar: weaker crypto prices or trading volumes can squeeze transaction revenue, while new businesses still need to prove they can cushion that volatility.

CRISPR Therapeutics presents a different kind of uncertainty. The company is advancing gene-edited cell therapies across autoimmune disease and cancer, while its approved therapy CASGEVY gives it a commercial product alongside a pipeline that remains dependent on clinical results and adoption. The company reported $2.36 billion in cash, cash equivalents and marketable securities at June 30. That provides resources for development, but it does not remove the clinical and commercial risks.

The filings reveal exposure, not conviction. Fisher’s positions are modest; the common thread is two businesses trying to turn fast-changing technologies into durable revenue.