Cathy Wood-lead ark investment management bought 52,813 shares of the cryptocurrency exchange platform Coinbase Global Inc coin At an estimated valuation of more than $2.5 million based on Thursday’s closing price. The purchase was made through Flagship ARK Innovation Fund ARKK,
According to data available on the company’s website at the time of writing, Coinbase has the 12th largest holding in the fund, with a weighting of 3.87%.
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Coinbase CEO Brian Armstrong announced this week that the company will reduce its workforce by about 950 people. “Thus as part of the downsizing, we will be closing several projects where we have little chance of success,” Armstrong said in a blog.
Price Action: Shares of the crypto exchange platform are up more than 41% since the start of 2023 after a promising start for cryptocurrencies. Bitcoin BTC/USD stalled over 13% on a year-on-year basis, while Ethereum ETH/USD climbed more than 17%. Bitcoin briefly crossed the 19,000 mark on Thursday after US consumer price inflation cooled to expected lines.
interesting, Bank of America analyst jason kupferberg Coinbase downgraded from “Neutral” to “Underperform” His price target ranges from $50 to $35. barclays Raised its price target to $45 from $37. analyst benjamin budish Maintained an “Equal-Weight” rating on the stock.
Major Sales: ARK sold 21,751 shares Shopify Inc Shop At an estimated valuation of approximately $800,000 based on Thursday’s closing price. Shares of the e-commerce company have gained more than 3% so far in 2023.