
COIN Shares Price on Radar as Coinbase CEO Pushes for Stablecoin Bill
Coinbase CEO Brian Armstrong met with Senators Cynthia Lummis and Kirsten Gillibrand on Capitol Hill to push for bipartisan stablecoin legislation.
Coinbase CEO Brian Armstrong met with Senators Cynthia Lummis and Kirsten Gillibrand on Capitol Hill to push for bipartisan stablecoin legislation.
Bitcoin has climbed back above $92,000 after dropping to $80,000 in February, with the rally coinciding with Trump’s crypto strategic reserve announcement and potential SEC easing of Coinbase legal action.
Throughout this year, the performance of Coinbase stock has been a really turbulent one.
Coinbase stock came under strong selling pressure on Thursday, as giant CME Group announced its plans to offer spot Bitcoin trading. This regulated platform could provide tough competition to Coinbase amid its ongoing SEC battle.
The latest offloading of Coinbase shares comes amid the part of Ark’s portfolio rebalancing. Coinbase still remains the third-largest holding for the company.
Coinbase’s revenue for consumer transactions jumped by 100% year over year amid a strong trading activity spurted by the Bitcoin price rally to $74,000.
In contrast to Coinbase’s expansionary endeavors, Cathie Wood’s Ark Invest has been engaging in a selling spree, offloading another $27 million worth of COIN shares.
Yesterday, when Coinbase faced outage, the stock price level dropped from $205 to $195, causing a downfall of approximately 5%.
The analyst said TradFi institutions trying to get into crypto, but are unsure how to begin, may use Coinbase stock to enter.
Following ARK Investment’s dumping of Coinbase shares, its pre-market price has dipped by almost 5%. Currently, it is hovering at $141.79 per share.
The recent batch of dumping Coinbase (COIN) shares has been the largest from Ark Invest in 2023. COIN stock price is around a new yearly high of $140.
Ark Invest seems to be rearranging its investment portfolio and has continued to sell huge amounts of Coinbase, while acquiring Robinhood shares.
COIN is presently trading at $119 after closing at $115 on November 27, which is the highest close since May 2022. The price now has minimal resistance ahead as it is moving toward $130, the May 2022 high.
For the fourth quarter, Coinbase has already generated about $105 million of transaction revenue in October. The company expects Q4 subscription and services revenue to be approximately flat compared to Q3, as well as predicts ‘meaningful’ positive adjusted EBITDA for 2023.
To celebrate the launch of Base mainnet, Coinbase announced Onchain Summer will kick off on August 9 with over 50 leading brands led by Coca-Cola, Atari, and OpenSea.