ARK Invest Buys $8M of Coinbase After 14% Post-Earnings Plunge
COIN is trading near its 52-week low of $139.11 (8.3% above the low).
Summary
ARK Invest purchased 54,776 shares of Coinbase worth about $8 million following a more than 14% drop after Q2 earnings. The buy makes COIN ARKK's sixth-largest holding at roughly 4.2% of the fund. This follows Coinbase's Q2 loss of $359.5 million reported on July 30, which sent shares sharply lower. CEO Brian Armstrong separately urged the Senate to pass the CLARITY Act, which would establish crypto rules and let banks offer stablecoin and crypto services. The ARK purchase signals conviction from a high-profile tech investor despite the recent earnings miss and ongoing crypto winter.
At the time of this announcement, COIN was trading at $150.70 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $38.6B. The 52-week trading range was $139.11 to $402.16. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.