![]() Bitcoin is nowhere near its prior peak of around $69,000, but Coinbase stock has been displaying plenty of strength. That’s what I’m worried about more than anything else when it comes to Coinbase. ![]() What would prompt her to sell now? Could it be valuation concerns? It was only a few months ago that I reported on Wood’s fund buying COIN stock. ![]() We’re talking about a $11.8 million share sale, which is nothing to sneeze at. Meanwhile, Wood’s ARK Innovation ETF reportedly sold a whopping 132,152 COIN shares at a closing price of $89.15 per share on July 11. So, I won’t read too much into his transactions right now (though I might revisit this topic of Armstrong continues to sell Coinbase shares). Perhaps Armstrong bought at a much lower price and was satisfied with his returns. Still, it’s possible that he sold the shares to take profits. That’s a sizable divestment, as the total sale(s) amounted to $5,829,845.Īrmstrong’s timing wasn’t perfect, as COIN stock is higher than $78.44 now. In this instance, Coinbase Global Chairman of the Board Brian Armstrong sold 74,325 COIN stock shares between July 3 and July 5 at an average price of $78.44 per share. On the other hand, when they’re selling their own company’s stock, I wonder if they see problems that the public doesn’t see. After all, it’s probably a good sign when a company’s executive parks his or her own money in that company’s stock. When corporate insiders buy or sell shares of their company’s stock, it’s worth paying attention to, and I use TipRanks’ Insider Trading Activity tracker to stay on top of this. An Insider and a Well-Known Investor Sell Coinbase Stock Two such events, as we’re about to touch upon, involve important people reducing their share positions in Coinbase, and you should wonder why this is happening if you’re a cautious trader. In other words, if you’re going to invest in COIN stock, you’ll want to keep tabs of what’s going on in the world of cryptocurrency and the blockchain, as well as events pertaining to Coinbase in particular. Consequently, Coinbase stock has a tendency to follow the price of Bitcoin, though it’s not a one-to-one correlation. Personally, I’m neutral on COIN stock, as I like Bitcoin ( BTC-USD), but I’m concerned about Coinbase’s current valuation.Ĭoinbase Global is possibly the most famous U.S.-based cryptocurrency trading platform (Binance might also claim that title). I’m not saying that anyone should blindly follow Wood’s trades, but perhaps we can get a sense of why Wood’s ARK Innovation ETF ( NYSEARCA:ARKK) would sell Coinbase Global ( NASDAQ:COIN) stock. If ARK Invest CEO Cathie Wood bought or sold a stock, it’s reasonable to assume that she had a good reason for doing this.
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