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In the Wake of the FTX Collapse, Coinbase Shares (COIN) Fall to Another New All-Time Low

In the Wake of the FTX Collapse, Coinbase Shares (COIN) Fall to Another New All-Time Low

Shares in Coinbase (COIN) are plummeting to a new all-time low as the industry continues to deal with the aftermath of the collapse of FTX and its associated entities. Coinbase was already facing headwinds as a result of the crypto bear market and is now facing more uncertainty due to the disintegration of FTX, which […]

The post In the Wake of the FTX Collapse, Coinbase Shares (COIN) Fall to Another New All-Time Low appeared first on The Daily Hodl.

How to keep your cryptocurrency safe after the FTX collapse

Coinbase Stock (COIN) Leaps in Response to FTX Bankruptcy Filing

Coinbase Stock (COIN) Leaps in Response to FTX Bankruptcy Filing

Top US crypto exchange Coinbase (COIN) is seeing its stock rise in the aftermath of the FTX Exchange collapse. Coinbase’s shares opened at $47.53 and fell to $46.25, but after news broke that FTX had filed for bankruptcy, the stock shot up to $56.68, an increase of more than 22%. At time of writing, COIN […]

The post Coinbase Stock (COIN) Leaps in Response to FTX Bankruptcy Filing appeared first on The Daily Hodl.

How to keep your cryptocurrency safe after the FTX collapse

Cathie Wood’s ARK adds $12.1M in Coinbase shares amid turbulent markets

Ark Investments topped up its Coinbase stock shortly after FTX's liquidity issues were revealed, which came after Coinbase stated that it had “minimal exposure” to the troubled trading platform.

Amid the FTX and crypto market chaos, Cathie Wood-led Ark Investments has increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth about $12.1 million on Nov. 9. 

Of the 237,675 COIN shares, Ark Investment Management added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and another 7,732 shares to its ARK Fintech Innovation ETF (ARKF).

The tech-focused investment firm’s purchase came after Coinbase stated in response to FTX’s liquidity crisis that it has “minimal exposure” to the now cash-strapped cryptocurrency trading platform with only $15 million on deposit to “facilitate business operations and customer trades.”

Coinbase also added that it has no exposure to FTX’s native token FTT — which has fallen 84.08% since Binance announced its decision to liquidate its entire FTT holdings late on Nov. 7 — and its partner trading firm Alameda Research.

Wood’s Nov. 9 purchase came following a 10.84% fall in COIN’s share price on Nov. 8, which was an expected result follow on from the FTX controversy, according to Owen Lau, a stock analyst at investment banking firm Oppenheimer:

“While COIN has minimal exposure to FTX, before there is enough evidence that the contagion risk is contained, the pressure on crypto prices will likely weigh on COIN.”

It was also the investment firm’s first trade for Coinbase since it sold off over 1.4 million COIN shares — which were then worth $75 million — across ARKK, ARKF and ARKW on Jul. 26. 2022.

The large sell-off came in response to the U.S. Securities Exchange Commission (SEC) conducting an investigation into allegations of Coinbase engaging in the insider trading of unregistered securities.

Related: Breaking: Google taps Coinbase to bring crypto payments to cloud services

However, Wood’s latest buying spree has brought the firm’s COIN shares tally back up to 7.625 million, which is about one million shares less than its peak of 8.675 million recorded on Jul. 20. 2022, according to data from Cathie’s Ark.

Coinbase now has the 11th largest holdings in Ark’s main investment fund ARKK, which now represents 3.79% of the portfolio.

COIN’s stock went up 10.74% on Thursday, increasing its share price to $50.92, according to Yahoo Finance.

How to keep your cryptocurrency safe after the FTX collapse

Coinbase’s Stock Jumps After Third Quarter Report Details Crypto Exchange’s Cost-Cutting Measures

Coinbase’s Stock Jumps After Third Quarter Report Details Crypto Exchange’s Cost-Cutting Measures

Coinbase’s stock price is seeing a small bump after the crypto exchange’s third-quarter shareholder letter indicated the company had cut costs and seen a rise in subscription and services revenue. Coinbase says Q3 was a “mixed quarter” for the company. The top US crypto exchange registered $366 million in Q3 transaction revenue, a 44% decline […]

The post Coinbase’s Stock Jumps After Third Quarter Report Details Crypto Exchange’s Cost-Cutting Measures appeared first on The Daily Hodl.

How to keep your cryptocurrency safe after the FTX collapse

Bank of Thailand Needs More Time to Complete and Launch Retail Digital Currency

Bank of Thailand Needs More Time to Complete and Launch Retail Digital CurrencyThe central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of […]

How to keep your cryptocurrency safe after the FTX collapse

Disclosures Show Shopify’s CEO Bought $3M Worth of Coinbase Shares During the Past 2 Months

Disclosures Show Shopify’s CEO Bought M Worth of Coinbase Shares During the Past 2 MonthsPublic records show that Shopify’s CEO Tobias Lütke has purchased close to $3 million in Coinbase shares during the last 60 days. Lütke became a Coinbase board member last February and because he is a Coinbase associate, he’s required by law to submit his trades to the U.S. Securities and Exchange Commission (SEC). Since August […]

How to keep your cryptocurrency safe after the FTX collapse

JPMorgan Analysts Drop Price Target for Coinbase Stock Due to Pressure on Crypto Markets: Report

JPMorgan Analysts Drop Price Target for Coinbase Stock Due to Pressure on Crypto Markets: Report

Analysts from banking giant JPMorgan have reportedly lowered their price target for crypto exchange Coinbase’s stock (COIN), citing increasing pressure on digital asset markets. According to a report from MarketWatch, JPMorgan analyst Kenneth Worthington has a neutral rating on COIN but has cut his price target by 23% to from $78 to $60, which is […]

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How to keep your cryptocurrency safe after the FTX collapse

Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology

Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum TechnologyA crypto company working with the central bank of Norway has published the source code for the sandbox created to trial the digital version of the Nordic nation’s fiat currency. The prototype digital krone is being built on the Ethereum network and the regulator wants to test various technologies and evaluate the potential impact on […]

How to keep your cryptocurrency safe after the FTX collapse

Coinbase Discloses It Will ‘Evaluate Any ETH Fork Tokens Following The Merge’

Coinbase Discloses It Will ‘Evaluate Any ETH Fork Tokens Following The Merge’The publicly listed firm Coinbase Global has revealed the company plans to evaluate any potential forks that arise from the upcoming Ethereum upgrade known as The Merge. In a recently updated blog post, Coinbase said if a new Ethereum proof-of-work (PoW) token is created it “will be reviewed with the same rigor as any other […]

How to keep your cryptocurrency safe after the FTX collapse

Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says

Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst SaysJPMorgan analyst Kenneth Worthington says digital currency exchanges like Coinbase will end up being a meaningful “beneficiary” of Ethereum’s long-awaited transition from proof-of-work (PoW) to proof-of-stake (PoW). Based on $2K ethereum prices and a 5% ethereum yield, Worthington explained that The Merge could boost Coinbase’s annual income by $80 to $100 million from staking services. […]

How to keep your cryptocurrency safe after the FTX collapse