2023-7-12 13:30 |
Cathie Wood’s Ark Innovation exchange-traded fund (ETF) sold 135,152 Coinbase shares yesterday, despite optimism surrounding Coinbase’s Base blockchain and ETF arrangements.
The ETF was the fourth largest holder of Coinbase shares and has bought several dips in the past year.
Wood Sells COIN Despite Key Coinbase PartnershipsCoinbase’s stock has risen 150% this year, while the ETF rose 51%. Additionally, COIN has outperformed the Nasdaq 100 Index, which rose 38%, and the 16% growth of the S&P 500.
COIN/USD Daily Chart | Source: TradingViewShares in the largest US exchange rose after five investment firms named Coinbase as the market surveillance partner for their ETFs. Last month, investment giant BlackRock said it would share market surveillance with Coinbase in its ETF application with the SEC.
Last year, the Innovation fund tracked Coinbase’s downtrend, falling 67% during 2022.
Coinbase is fighting the US Securities and Exchange Commission (SEC) over charges it ran an unregistered broker-dealer. The exchange filed a motion this week, arguing the SEC cannot act as a self-appointed crypto regulator without Congressional approval. A pre-motion hearing will occur on Thursday, with the SEC indicating it would oppose the motion.
Bullish Outlook Centers on Base BlockchainRegardless, the exchange has boosted revenue through a subscription service and institutional ETH staking after the collapse of several crypto firms stalled trading activity. Bullish predictions center around the Coinbase Base blockchain built using Optimism’s OP stack. Optimism is a so-called layer-2 network built to scale Ethereum’s transaction throughput.
In its first week, Base onboarded 18,000 developers who deployed 55,000 smart contracts, the building blocks of decentralized applications. In March, the blockchain was rumored to be onboarding decentralized protocols Uniswap and Aave. Uniswap, a decentralized exchange, currently has $4.045 billion in total value locked, according to DefiLlama.
Read our guide to using DefiLlama here.
The bearish outlook comes from recent data showing Coinbase lost trading market share to rivals Kraken and Bitstamp this year. A panel of 23 CNN Money experts predicts the median share price of Coinbase stock may fall by 31% to around $61 in the next twelve months.
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The post Cathie Wood Sells $12 Million in Coinbase Shares Despite ETF Filings appeared first on BeInCrypto.
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