tl;dr
Coinbase Global (NASDAQ:COIN) saw a significant drop of 6.5% in stock value during midday trading on Tuesday, following the disclosure of Ark Investment's sale of nearly 876,000 shares of the cryptocurrency exchange operator. This sale, which spanned three days, amounted to approximately $150 millio...
Coinbase Global (NASDAQ:COIN) saw a significant drop of 6.5% in stock value during midday trading on Tuesday, following the disclosure of Ark Investment's sale of nearly 876,000 shares of the cryptocurrency exchange operator. This sale, which spanned three days, amounted to approximately $150 million based on closing prices for those three days. Last Wednesday, ARK Innovation ETF (NYSEARCA:ARKK) sold 152,600 COIN shares, while ARK Next Generation Internet ETF (NYSEARCA:ARKW) and ARK Fintech Innovation ETF (NYSEARCA:ARKF) disposed of 31,459 and 30,009 shares respectively, totaling around $34.3 million at Wednesday's close. In contrast, Bitcoin (BTC-USD) experienced a minor 0.2% slip to approximately $51.7 thousand during Tuesday midday trading.
More about Coinbase Global Inc
Based on the financial data provided, Coinbase Global Inc. is a company in the finance services industry with a market capitalization of $43.68 billion and a stock price of $474.50. The company has shown a 0.38% change in stock price and a 12.41 P/E ratio. With a market sentiment score of 0.0324 and a trading volume of 2,926,556,000, the stock is currently at an RSI of 88.29, indicating overbought conditions. It is important to note that while the company operates in the crypto economy, there are potential risks and uncertainties associated with this market, and past performance may not be indicative of future results.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.