COIN’s Stock Rises Pre-Market After Cathie Wood Picks Up More Shares For Nearly $7 Million

Coinbase’s stock has been stretching its post-earnings rally since Friday, despite bearish calls from Wall Street after the company reported revenue and earnings below analyst estimates.

• Coinbase shares rose in pre-market trade after Cathie Wood’s ARK Invest purchased 41,453 shares worth nearly $7 million.
• Nearly 30,000 COIN shares went towards the fund’s flagship ARK Innovation ETF.
• The purchase comes after ARK Invest sold off COIN stock worth $22 million earlier this month. 

Shares of Coinbase Global (COIN) rose pre-market on Wednesday even as Bitcoin’s (BTC) price remained muted after ARK Invest’s Cathie Wood picked up over 40,000 shares for nearly $7 million on Tuesday.

COIN’s stock was up as much as 1.5% pre-market, following a gain of around 1% in the regular session. Retail sentiment around the shares on Stocktwits trended in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter. 

ARK Invest Rebuilds Coinbase Position

According to data from Ark Invest Daily, Wood bought 41,453 shares on Tuesday worth around $6.88 million, as per COIN’s closing price of $166.02. This is after the fund sold $22 million in shares earlier this month and instead purchased shares of Bullish (BLSH).

Wood added 29,689 shares of Coinbase to its flagship ARK Innovation ETF (ARKK), another 7,525 to ARK Next Generation Internet ETF (ARKW) and 4,239 to ARK Fintech Innovation ETF (ARKF).

Coinbase Stock Extends Post-Earnings Rally

COIN’s stock has been stretching its post-earnings rally since Friday, despite bearish calls from Wall Street after the company reported revenue and earnings below analyst estimates. 

It beat odds on Tuesday as well, with COIN’s stock gaining in spite of Mizuho slashing its price target on the shares by over $100 to $170. It kept a ‘Neutral’ rating on the stock, citing falling Bitcoin prices as the primary reason for the cut. According to the firm, Coinbase’s fundamentals are likely to remain under pressure as the ‘crypto winter’ unfolds, impacting the company’s profits in the first quarter.

BTC’s price climbed back above $68,000 on Wednesday morning, still down 0.4% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bearish’ territory over the past day. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<