Ark Invest Trims Coinbase Holdings Before Q2 Report
14.07.2024 8:30 1 min. read Alexander Stefanov
Cathie Wood's Ark Invest sold 2,046 Coinbase shares worth about $450,000 before the exchange’s Q2 earnings report.
This decision follows a drop in Bitcoin prices and negative market sentiment, which led to lower trading volumes on Coinbase. The stock has averaged around $230 over the past six months.
The Crypto Fear and Greed Index dropped to 25 (extreme fear) from 70 (greed), with Bitcoin and other cryptocurrencies hitting their lowest levels since February.
Despite this, there is optimism for a recovery due to potential Fed rate cuts in September. Historically, the third quarter is slow for crypto markets, explaining ARKF’s recent selloff.
Even after these sales, Coinbase remains ARKF’s top holding, making up 10.28% of its assets.
The reduction in COIN shares suggests concerns about Coinbase’s Q2 earnings report on August 1. Analysts predict a 31% drop in EPS to $1.06.
Despite rising revenue and net income for three quarters, the outlook is cautious. COIN closed 1.58% higher at $218.02 on Friday but has fallen 12% over the past month due to negative market sentiment.
-
1
Here’s How U.S. Oil Tariffs Could Reshape Global Crude Markets
23.02.2025 8:00 2 min. read -
2
U.S. PCE Report Reveals Persistent Inflation Concerns Amid Consumer Strain
28.02.2025 15:53 1 min. read -
3
Dow Jones and S&P 500 signal an imminent market crash
17.02.2025 14:00 2 min. read -
4
Analyst Warns of Potential Crypto Market Downturn as Fed Maintains Interest Rates
09.03.2025 17:00 2 min. read -
5
Global Economy Stalls as US-China Trade War Intensifies
08.03.2025 10:00 1 min. read
U.S. Debt Crisis Could Trigger Global Economic Turmoil, Warns Ray Dalio
Bridgewater’s Ray Dalio has expressed grave concerns over the U.S. debt situation, warning that an unsustainable imbalance between debt supply and demand could have severe global repercussions.
Inflation Holds Steady in February with 0.2% CPI Increase
The Consumer Price Index (CPI) for February 2025 showed a modest increase of 0.2% compared to January, following a 0.5% rise the previous month. Over the past year, the overall CPI has risen by 2.8%.
U.S. Imposes New Tariffs as Trade Dispute with Canada Escalates
The U.S. is set to impose a 25% tariff on steel and aluminum imports from Canada and several other nations, with the policy taking effect at midnight on March 12.
Interest Rate Cuts Possible by June as Recession Fears Grow
Institutional analysts believe the Federal Reserve is unlikely to reduce interest rates during its upcoming meeting, but if concerns about a recession grow, the central bank might initiate a series of quick rate cuts by June.
-
1
Here’s How U.S. Oil Tariffs Could Reshape Global Crude Markets
23.02.2025 8:00 2 min. read -
2
U.S. PCE Report Reveals Persistent Inflation Concerns Amid Consumer Strain
28.02.2025 15:53 1 min. read -
3
Dow Jones and S&P 500 signal an imminent market crash
17.02.2025 14:00 2 min. read -
4
Analyst Warns of Potential Crypto Market Downturn as Fed Maintains Interest Rates
09.03.2025 17:00 2 min. read -
5
Global Economy Stalls as US-China Trade War Intensifies
08.03.2025 10:00 1 min. read
