Coinbase Stock Jumps 60% in Two Weeks, ARK Invest Breaks Buying Streak
Riding the wave of a broader market rally, Coinbase stock (COIN) rallied nearly 60% over the past two weeks to over $84 per share.
The resurgence in the exchange’s shares comes against the backdrop of a severe banking crisis in the United States and subsequent rush by investors to bitcoin and other cryptocurrencies.
buying ark steak breaks
But the Coinbase bull – Cathy Wood’s ARK Invest – has broken its buying streak. The noted growth investor sold 160,887 shares of COIN worth over $13 million on March 22. ARK Invest first began adding Coinbase to its innovation fund in October 2021, months after the exchange’s initial public offering (IPO).
Last year, the company bought the San Francisco-based crypto exchange’s shares a total of 24 times, netting nearly 2.7 million shares on the exchange, despite selling over a million in July. The buying spree continued this year, the latest being in March when it acquired more than 350,000 shares of America’s largest crypto exchange
While the stock has been in an uptrend since March 10, another renewed push that boosted its price was the expanding growth in Brazil.
Coinbase strengthens its presence in Brazil
In the latest blog post, Coinbase revealed an integration with the Central Bank of Brazil-led payments platform Pix to “localize” its app, allowing customers in the country to buy and sell crypto with the Brazilian reais. The American digital asset exchange said it will also offer clients an app in Brazilian Portuguese and 24/7 chat support.
“We built our app to be fully localized into Brazilian Portuguese, with 24/7 chat support always available to assist you. Finally, we’ve streamlined our onboarding process, making it easier than ever to get started with Coinbase.
Coinbase’s tryst with Brazil dates back to 2021, when it set up a technology center in the country. Meanwhile, its investment arm – Coinbase Ventures – has been active across Latin America. This includes investments in Brazilian crypto asset management firm Hashdex and crypto-based financial services platform Layden.
This has given a great boost to COIN stock with a 12% increase over the past day alone. Coinbase is ramping up work on its “Go Broad, Go Deep” plan, which includes expanding its footprint to every continent except Antarctica.
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