Coinbase Stock Sees 3% Pre-Market Drop as ARK Invest Sells $49.2M Worth of COIN Shares

12:42 pm
December 11, 2023
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In the pre-market session today, Coinbase stock experienced a decline of over 3%, trading at $141.98 amid a decrease in Bitcoin price from $44,000 to approximately $41,600. At the time of writing, BTC is trading at nearly $42,000.

Cathie Wood’s ARK Invest has reportedly been gradually offloading Coinbase Global Inc (NASDAQ: COIN) stock in recent weeks, with a significant sale on Friday where the company sold COIN shares worth $49.2 million. This transaction, which occurred on December 8, 2023, marks ARK’s largest sale since July, when they sold 480,000 shares valued at $50.5 million.

As a result, Coinbase stock is currently trading at $141.98, reflecting a 3.16% decrease.

Stay tuned for additional details.

Bitcoin News, Blockchain News, Business News, Cryptocurrency News, Market News

**FAQ**

1. **What led to the decline in Coinbase stock?**
The decline in Coinbase stock is attributed to a combination of factors, including the pre-market trading conditions and the decrease in Bitcoin price.

2. **Why is ARK Invest selling off Coinbase shares?**
ARK Invest has been gradually offloading Coinbase shares, with the most recent significant sale worth $49.2 million, reportedly to rebalance their portfolio or for other investment strategies.

3. **How has this affected Coinbase’s stock performance?**
Following the sale of COIN shares by ARK Invest, Coinbase stock witnessed a 3.16% drop in the pre-market session.

4. **Is there any indication of further developments in this situation?**
As of now, additional details about the situation may unfold, potentially providing more insight into the impact of ARK Invest’s selling activity on Coinbase stock.

5. **What should investors consider amid these developments?**
Investors should closely monitor the situation and consider various factors, including market conditions and potential implications for the cryptocurrency sector, before making any investment decisions.

6. **What are the broader implications of this event on the cryptocurrency market?**
This event underscores the interconnectedness of cryptocurrency-related entities and their influence on market dynamics, which can have broader implications for the cryptocurrency market and investors.


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