Coinbase’s Stock Reaches Highest Price Since Terra Crash
Coinbase’s stock on NASDAQ has hit its highest price since the Terra crash in 2022, indicating a surge in demand.
ARK Invest Sells Coinbase Shares
Cathie Wood’s ARK Invest has sold about $5.26 million worth of COIN shares, taking advantage of the surge in Coinbase’s stock price.
TradingView Data Shows Strong Growth
According to TradingView data, Coinbase’s stock has seen significant growth, increasing by 168% in the last year and over 220% since January 2023. However, it is still 70% below its all-time high.
ARK Invest’s Regular Selling of Coinbase Shares
ARK Invest has been consistently selling Coinbase shares throughout the year, including a sale of $103 million worth of shares in July. It has also been aggressively selling down shares of Grayscale Bitcoin Trust.
The Implications of ARK’s Sales
An ETF analyst suggests that ARK’s sales do not indicate a lack of optimism about Bitcoin or clearing space for its next spot Bitcoin ETF. Instead, it may be a strategic move to preserve desired weightings.
The Factors Driving Coinbase’s Stock Growth
Several factors contribute to the growth of Coinbase’s stock, including partnerships with top Wall Street firms for their spot bitcoin ETF applications and the situation with Binance being forced out of the US market.
Hot Take: Coinbase’s Stock Soars Amidst High Demand and Strategic Selling
Coinbase’s stock has reached new heights on NASDAQ, driven by strong demand and strategic selling by ARK Invest. While ARK’s sales may raise questions, they do not necessarily indicate a lack of confidence in Bitcoin. Coinbase’s growth can be attributed to its partnerships and the vacuum left by Binance’s exit from the US market.
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