ARK Invest Increases Holdings in Coinbase and Circle
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 50 minutes ago
0mins
Source: stocktwits
- Coinbase Stock Increase: ARK Invest purchased a total of 30,763 shares of Coinbase over two consecutive trading sessions, including 17,698 shares on Thursday and 13,065 shares on Friday, despite COIN's after-hours decline of 0.52%, indicating market caution.
- Circle Stock Accumulation: During the same period, ARK Invest acquired a total of 114,223 shares of Circle, purchasing 13,973 shares on Thursday and increasing that to 100,250 shares on Friday, even as CRCL's after-hours trading remained flat, reflecting market interest in stablecoins.
- Alibaba Leads Purchases: Among all transactions, Alibaba was ARKK's largest purchase with an addition of 245,342 shares, representing about 0.45% of the ETF, demonstrating ARK's continued confidence in the Chinese market.
- Reduction in Archer and Baidu Stakes: ARK Invest reduced its holdings by offloading 784,380 shares of Archer Aviation and 457,754 shares of Baidu, indicating a cautious outlook on these companies as part of its portfolio rebalancing strategy.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 164.130
Low
230.00
Averages
361.63
High
440.00
Current: 164.130
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ARK Invest Increases Holdings in Coinbase and Circle
- Coinbase Stock Increase: ARK Invest purchased a total of 30,763 shares of Coinbase over two consecutive trading sessions, including 17,698 shares on Thursday and 13,065 shares on Friday, despite COIN's after-hours decline of 0.52%, indicating market caution.
- Circle Stock Accumulation: During the same period, ARK Invest acquired a total of 114,223 shares of Circle, purchasing 13,973 shares on Thursday and increasing that to 100,250 shares on Friday, even as CRCL's after-hours trading remained flat, reflecting market interest in stablecoins.
- Alibaba Leads Purchases: Among all transactions, Alibaba was ARKK's largest purchase with an addition of 245,342 shares, representing about 0.45% of the ETF, demonstrating ARK's continued confidence in the Chinese market.
- Reduction in Archer and Baidu Stakes: ARK Invest reduced its holdings by offloading 784,380 shares of Archer Aviation and 457,754 shares of Baidu, indicating a cautious outlook on these companies as part of its portfolio rebalancing strategy.
See More
Armstrong Claims Banks Benefited from CLARITY Act Compromise
- Bill Progress: The CLARITY Act passed the Senate Banking Committee with a 15-9 vote and is now awaiting a Senate floor vote, which, if successful, will establish a regulatory framework for digital assets, splitting oversight between the SEC and CFTC, marking a significant advancement in digital asset market structure.
- Banking Benefits: Armstrong noted that banks received several concessions in the bill, including a ban on rewards for idle stablecoin balances, which will impact banks' revenue models and reflect their concerns over stablecoin regulation.
- Market Reaction: Coinbase (COIN) shares closed up over 7% on Friday, although retail sentiment on Stocktwits remained in the 'bearish' zone, indicating ongoing uncertainty in the market regarding digital asset regulation.
- Political Influence: Armstrong emphasized that despite the public spat with JPMorgan CEO Jamie Dimon, it does not detract from the industry's overall goal of pushing for clear regulatory rules, highlighting that the crypto industry has around 3 million supporters in the U.S., showcasing its political clout.
See More
Coinbase Shares Drop 9% After Bearish Rating Cut by Baird
- Rating Downgrade Impact: Baird analyst David Koning lowered Coinbase's price target from $160 to $142, anticipating Q2 revenue to miss Wall Street's consensus by 5-6%, reflecting concerns over the company's future performance and potentially diminishing investor confidence.
- Bitcoin Price Decline: Bitcoin fell nearly 6% to its lowest level since April, putting pressure on Coinbase's stock price as market sentiment towards cryptocurrency investments weakened, further impacting Coinbase's trading volume and revenue.
- High-Interest Rate Pressure: The stronger-than-expected May jobs report raised concerns that the Federal Reserve will maintain elevated interest rates, which creates headwinds for growth stocks like Coinbase by reducing the present value of future earnings, thus affecting its valuation.
- Increased Market Volatility: Coinbase has experienced 53 moves greater than 5% over the past year, and today's drop is seen as a significant market reaction to the news, although it does not fundamentally alter perceptions of the company's business, indicating the complexity of market sentiment.
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US Stocks Plunge Sharply, Tech Sector Under Pressure
- Market Decline: The S&P 500 fell 2.64% and the Nasdaq 100 dropped 4.77%, indicating a significant loss of investor confidence in tech stocks, particularly as AI infrastructure and semiconductor companies faced sell-offs, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, while the unemployment rate held steady at 4.3%, potentially prompting the Fed to consider a rate hike at the upcoming meeting, thereby affecting market liquidity and investor sentiment.
- Rising Bond Yields: The 10-year Treasury yield climbed to 4.55%, a two-week high, reflecting heightened expectations for future rate hikes, which may lead to capital outflows from the stock market, further exacerbating market volatility.
- Tech Stock Retreat: Following Broadcom's disappointing chip sales outlook, Marvell and Micron stocks plummeted over 16% and 13%, respectively, suggesting that the market's overly optimistic sentiment towards tech stocks may be correcting, impacting investor confidence.
See More
US Stock Markets Plunge as Tech Stocks Retreat
- Market Weakness: The S&P 500 index fell by 1.00% and the Nasdaq 100 dropped by 2.08%, both reaching two-week lows, indicating a significant investor rotation out of AI infrastructure and semiconductor stocks, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, with April's figures revised up to 179,000, demonstrating economic resilience that may prompt the Fed to consider a rate hike in the upcoming meeting.
- Rising Bond Yields: The 10-year Treasury note yield reached a two-week high of 4.54%, reflecting heightened market expectations for a Fed interest rate increase, which may lead investors to reassess risks in the stock market.
- International Market Declines: European and Asian stock markets are generally lower, with China's Shanghai Composite falling to a seven-week low, indicating that global economic uncertainties could have a ripple effect on the US market.
See More
Quantum Stocks Decline While Consumer Staples Rise
- Quantum Stocks Struggle: Quantinuum's debut on Nasdaq was lackluster, closing flat and subsequently dropping over 8% on Friday, falling below its IPO price of $60 per share, indicating market caution towards the quantum computing sector which may impact future funding and investor confidence.
- Consumer Staples Surge: Amid Friday's market sell-off, the consumer staples sector rose 2%, with companies like Colgate-Palmolive, Coca-Cola, and Procter & Gamble gaining over 3%, reflecting investor preference for defensive stocks, which could lead to a shift in capital towards these stable industries.
- Strong Performance in Medical Devices: Cooper Companies reported second-quarter adjusted earnings of $1.21 per share, exceeding the $1.10 consensus estimate, with revenue of $1.08 billion surpassing the $1.05 billion forecast, showcasing robust performance in the medical device sector that may attract more investor interest.
- Software Stocks Outlook Weakens: Docusign's outlook failed to impress, with shares slipping 6% as it projected second-quarter revenue between $865 million and $869 million, slightly below consensus, potentially affecting its future market performance and investor confidence.
See More
ARK Invest Increases Holdings in Coinbase and Circle
- Coinbase Stock Increase: ARK Invest purchased a total of 30,763 shares of Coinbase over two consecutive trading sessions, including 17,698 shares on Thursday and 13,065 shares on Friday, despite COIN's after-hours decline of 0.52%, indicating market caution.
- Circle Stock Accumulation: During the same period, ARK Invest acquired a total of 114,223 shares of Circle, purchasing 13,973 shares on Thursday and increasing that to 100,250 shares on Friday, even as CRCL's after-hours trading remained flat, reflecting market interest in stablecoins.
- Alibaba Leads Purchases: Among all transactions, Alibaba was ARKK's largest purchase with an addition of 245,342 shares, representing about 0.45% of the ETF, demonstrating ARK's continued confidence in the Chinese market.
- Reduction in Archer and Baidu Stakes: ARK Invest reduced its holdings by offloading 784,380 shares of Archer Aviation and 457,754 shares of Baidu, indicating a cautious outlook on these companies as part of its portfolio rebalancing strategy.
See More
Armstrong Claims Banks Benefited from CLARITY Act Compromise
- Bill Progress: The CLARITY Act passed the Senate Banking Committee with a 15-9 vote and is now awaiting a Senate floor vote, which, if successful, will establish a regulatory framework for digital assets, splitting oversight between the SEC and CFTC, marking a significant advancement in digital asset market structure.
- Banking Benefits: Armstrong noted that banks received several concessions in the bill, including a ban on rewards for idle stablecoin balances, which will impact banks' revenue models and reflect their concerns over stablecoin regulation.
- Market Reaction: Coinbase (COIN) shares closed up over 7% on Friday, although retail sentiment on Stocktwits remained in the 'bearish' zone, indicating ongoing uncertainty in the market regarding digital asset regulation.
- Political Influence: Armstrong emphasized that despite the public spat with JPMorgan CEO Jamie Dimon, it does not detract from the industry's overall goal of pushing for clear regulatory rules, highlighting that the crypto industry has around 3 million supporters in the U.S., showcasing its political clout.
See More
Coinbase Shares Drop 9% After Bearish Rating Cut by Baird
- Rating Downgrade Impact: Baird analyst David Koning lowered Coinbase's price target from $160 to $142, anticipating Q2 revenue to miss Wall Street's consensus by 5-6%, reflecting concerns over the company's future performance and potentially diminishing investor confidence.
- Bitcoin Price Decline: Bitcoin fell nearly 6% to its lowest level since April, putting pressure on Coinbase's stock price as market sentiment towards cryptocurrency investments weakened, further impacting Coinbase's trading volume and revenue.
- High-Interest Rate Pressure: The stronger-than-expected May jobs report raised concerns that the Federal Reserve will maintain elevated interest rates, which creates headwinds for growth stocks like Coinbase by reducing the present value of future earnings, thus affecting its valuation.
- Increased Market Volatility: Coinbase has experienced 53 moves greater than 5% over the past year, and today's drop is seen as a significant market reaction to the news, although it does not fundamentally alter perceptions of the company's business, indicating the complexity of market sentiment.
See More
US Stocks Plunge Sharply, Tech Sector Under Pressure
- Market Decline: The S&P 500 fell 2.64% and the Nasdaq 100 dropped 4.77%, indicating a significant loss of investor confidence in tech stocks, particularly as AI infrastructure and semiconductor companies faced sell-offs, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, while the unemployment rate held steady at 4.3%, potentially prompting the Fed to consider a rate hike at the upcoming meeting, thereby affecting market liquidity and investor sentiment.
- Rising Bond Yields: The 10-year Treasury yield climbed to 4.55%, a two-week high, reflecting heightened expectations for future rate hikes, which may lead to capital outflows from the stock market, further exacerbating market volatility.
- Tech Stock Retreat: Following Broadcom's disappointing chip sales outlook, Marvell and Micron stocks plummeted over 16% and 13%, respectively, suggesting that the market's overly optimistic sentiment towards tech stocks may be correcting, impacting investor confidence.
See More
US Stock Markets Plunge as Tech Stocks Retreat
- Market Weakness: The S&P 500 index fell by 1.00% and the Nasdaq 100 dropped by 2.08%, both reaching two-week lows, indicating a significant investor rotation out of AI infrastructure and semiconductor stocks, which could impact future investment strategies.
- Strong Employment Data: US nonfarm payrolls rose by 172,000 in May, significantly exceeding expectations of 88,000, with April's figures revised up to 179,000, demonstrating economic resilience that may prompt the Fed to consider a rate hike in the upcoming meeting.
- Rising Bond Yields: The 10-year Treasury note yield reached a two-week high of 4.54%, reflecting heightened market expectations for a Fed interest rate increase, which may lead investors to reassess risks in the stock market.
- International Market Declines: European and Asian stock markets are generally lower, with China's Shanghai Composite falling to a seven-week low, indicating that global economic uncertainties could have a ripple effect on the US market.
See More
Quantum Stocks Decline While Consumer Staples Rise
- Quantum Stocks Struggle: Quantinuum's debut on Nasdaq was lackluster, closing flat and subsequently dropping over 8% on Friday, falling below its IPO price of $60 per share, indicating market caution towards the quantum computing sector which may impact future funding and investor confidence.
- Consumer Staples Surge: Amid Friday's market sell-off, the consumer staples sector rose 2%, with companies like Colgate-Palmolive, Coca-Cola, and Procter & Gamble gaining over 3%, reflecting investor preference for defensive stocks, which could lead to a shift in capital towards these stable industries.
- Strong Performance in Medical Devices: Cooper Companies reported second-quarter adjusted earnings of $1.21 per share, exceeding the $1.10 consensus estimate, with revenue of $1.08 billion surpassing the $1.05 billion forecast, showcasing robust performance in the medical device sector that may attract more investor interest.
- Software Stocks Outlook Weakens: Docusign's outlook failed to impress, with shares slipping 6% as it projected second-quarter revenue between $865 million and $869 million, slightly below consensus, potentially affecting its future market performance and investor confidence.
See More
