Coinbase stock is down 3% in pre-market trading, alongside a decline in Bitcoin price to around $41,600 from $44,000. Cathie Wood's ARK Invest has been selling COIN shares, offloading $49.2 million worth on Friday, December 8, 2023, marking the largest sale since July. Coinbase stock is currently trading at $141.98 (-3.16%).
Our analysis of the situation
Huge news in the financial world! Coinbase stock has decided to shake things up a bit, diving 3% in the pre-market scene. Just when everyone thought it was smooth sailing, we find ourselves in the red zone. Meanwhile, Bitcoin has been on a roller coaster lately, plummeting from $44,000 to around $41,600, but fear not, as it's currently hanging out at the respectable $42,000 mark.
Intriguingly, the legendary Cathie Wood’s ARK Invest seems to be up to something, slowly but surely bidding farewell to their stash of Coinbase Global Inc (NASDAQ: COIN) stock over the recent weeks. And it appears that Friday witnessed quite the dramatic move, with ARK dropping a whopping $49.2 million worth of COIN shares. This sale, which went down on December 8, is nothing short of eyebrow-raising; the largest since that fateful July day when 480,000 shares worth $50.5 million were escorted out the door.
As of now, the underdog Coinbase stock is swapping hands at $141.98, ringing in at a less-than-ideal drop of 3.16%. We're keeping an eye out for any additional juicy details, so stay tuned!
Stay frosty for the latest updates.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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