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Coinbase Announces Pricing of Upsized Offering of $1.1 Billion of 0.25% Convertible Senior Notes Due 2030
March 13 2024 - 08:03PM
Business Wire
Coinbase Global, Inc. (“Coinbase”) (Nasdaq: COIN) today announced the pricing of $1.1 billion aggregate principal amount of Convertible Senior Notes due 2030 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.0 billion. Coinbase also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $165.0 million principal amount of notes, solely to cover over-allotments. The sale of the notes to the initial purchasers is expected to settle on March 18, 2024, subject to customary closing conditions, and is expected to result in approximately $1.08 billion (or approximately $1.24 billion if the initial purchasers exercise their option to purchase additional notes in full) in net proceeds to Coinbase after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Coinbase.
Coinbase intends to use the net proceeds from the offering to repay at maturity, or repurchase or redeem prior to maturity, from time to time and subject to market conditions, its outstanding 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028, and 3.625% Senior Notes due 2031 and for other general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Coinbase expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions. Coinbase may also use a portion of the net proceeds to make investments in and acquisitions of other companies, products or technologies that Coinbase may identify from time to time.
The notes will be senior, unsecured obligations of Coinbase. The notes will bear interest of 0.25% per year payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The notes will mature on April 1, 2030, unless earlier repurchased, redeemed or converted. Coinbase may not redeem the notes prior to April 1, 2027. Coinbase may redeem all or any portion of the notes (subject to certain limitations), at its option, on or after April 1, 2027 and on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price of Coinbase’s Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the date Coinbase sends the related redemption notice; and (2) the trading day immediately before the date Coinbase sends such notice, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the notes, which means that Coinbase is not required to redeem or retire the notes periodically. Subject to a limited exception, holders of the notes will have the right to require Coinbase to repurchase for cash all or a portion of their notes upon the occurrence of a fundamental change (as defined in the indenture governing the notes) at a purchase price of 100% of their principal amount plus any accrued and unpaid interest.
The notes will be convertible at an initial conversion rate of 2.9981 shares of Coinbase’s Class A common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $333.54 per share of Class A common stock, which represents a conversion premium of approximately 32.5% to the last reported sale price of $251.73 per share of Coinbase’s Class A common stock on The Nasdaq Global Select Market on March 13, 2024).
Prior to the close of business on the business day immediately preceding October 1, 2029, the notes will be convertible at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods. On or after October 1, 2029 until the close of business on the second scheduled trading day preceding the maturity date, the notes will be convertible at the option of the noteholders at any time regardless of these conditions. Conversions of the notes will be settled in cash, shares of Coinbase’s Class A common stock, or a combination thereof, at Coinbase’s election.
In connection with the pricing of the notes, Coinbase entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions cover, subject to customary adjustments, the number of shares of Coinbase’s Class A common stock that will initially underlie the notes. The capped call transactions are expected generally to reduce the potential dilution to Coinbase’s Class A common stock upon any conversion of the notes and/or offset any potential cash payments Coinbase is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially approximately $503.46 per share, which represents a premium of 100% over the last reported sale price of Coinbase’s Class A common stock of $251.73 per share on March 13, 2024, and is subject to certain adjustments under the terms of the capped call transactions.
Coinbase has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Coinbase’s Class A common stock and/or purchase shares of Coinbase’s Class A common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Coinbase’s Class A common stock or the notes at that time. In addition, Coinbase has been advised that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Coinbase’s Class A common stock and/or purchasing or selling Coinbase’s Class A common stock or other securities of Coinbase in secondary market transactions following the pricing of the notes and from time to time prior to the maturity of the notes (and are likely to do so during the relevant valuation period under the capped call transactions or following any early conversion of the notes, any repurchase of the notes by Coinbase on any fundamental change repurchase date, any redemption date or any other date on which the notes are retired by Coinbase, in each case if Coinbase exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Coinbase’s Class A common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares of Class A common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.
The notes were only offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes nor the shares of Coinbase’s Class A common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes or any shares of Class A common stock potentially issuable upon conversion of the notes and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” including, among other things, statements relating to the completion of the offering, the potential effects of entering into capped call transactions, and the expected use of proceeds from the offering. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Coinbase will consummate the offering, prevailing market conditions, the anticipated use of the net proceeds of the offering, which could change as a result of market conditions or for other reasons, the impact of general economic, industry or political conditions in the United States or internationally, and whether the capped call transactions will become effective. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Coinbase’s business and financial results, please review the “Risk Factors” described in Coinbase’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) and in Coinbase’s other filings with the SEC. Except as may be required by law, Coinbase undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313516156/en/
Press: press@coinbase.com
Investors: investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93484712/coinbase-announces-pricing-of-upsized-offering-of
Tough to be short. Thanks for the links. GLTA!
Glad to hear you averaged down. Thank you and gltu as well.
Based on lvhd posts, he's been shorting COIN sine late 2023. I can feel his pain. I was hurting after buying COIN at the IPO, but fortunately have averaged down over the last few years. GLTA!
I'm a fairly new investor in coinbase and I am happy with my purchase point of $126 a share 😀
Neither did I, but I did average down over the last few years and I'm pleased with my current position. GLTA!
Did you buy under 50? LOL
Always buy when people cry.
Keep buying. Offering hit
Just buying
Very nice looking one month chart. GLTA!
A parabolic move! Hold on, the run is continuing! GLTA!
Goldman Sachs Upgrades Coinbase Global to Neutral From Sell, Adjusts Price Target to $282 From $170
6:35 AM ET 3/8/24 | MT Newswires
Mother Lode, see this morning's post #3942.
COIN up over 5% in pre-market. Saw on TV this morning that economists expect BITCOIN to exceed $100K by end of 2024. GLTA!
Horrible day in the Markets, today's Barrons article and the recent tremendous run by COIN resulted in today's pull back. However, considering the pps is up 2+% in after market trading, IMO, it is likely to be temporary. Possibly, just another buying opportunity, too. GLTA!
It will surely be a diamond in the sector which is why I bought at the IPO and have added along the way. GLTA!
COIN is to be the AAPL of the Crypto era
I added to my holdings at the day's end. GLTA!
Crypto: Meme Coins Dominate Crypto Market, Bitcoin Surpasses $67K, and Latest News
March 04 2024 - 01:02PM
IH Market News
Rise of Bitcoin and impact on the crypto market
On Monday, Bitcoin (COIN:BTCUSD) approached its record value, with an increase of almost 6,8%, reaching $ 67.479. Ether (COIN:ETHUSD) also saw a modest increase of 1.6% to $3,581. After a weekend pause, both cryptocurrencies resumed their upward momentum, driven by the introduction of new bitcoin ETFs and increasing demand. This movement reinforces a trend where major price fluctuations occur during the week, rather than over the weekend. The long-term outlook remains optimistic, especially with the post-halving supply reduction and growing adoption of ETFs.
“Even in its historical maximum region, BTC has not yet shown signs of fatigue. The main way to identify a price reversal is by an increase in supply while the price rises, which is not happening. Even after several days of strong gains, demand continues to be much greater than supply. According to on-chain data, approximately 87% of bitcoins purchased at this time are not for sale! This is the same percentage we saw, for example, when BTC was at $20k. I believe we will reach $80k quite easily, and who knows, end the year at $100k,” commented analyst Fernando Pereira from Bitget.
Moreover, enthusiasm in the cryptocurrency market was amplified by significant gains in related stocks and a resurgence in interest in meme coins.
Meme coins steal the spotlight with impressive gains
Meme coins overshadowed other assets this week, with Pepecoin (COIN:PEPEUSD) soaring 37.2% on Monday alone, accumulating a weekly appreciation of more than 490%. This movement followed the wave of enthusiasm generated by Dogecoin (COIN:DOGEUSD) and Bonk (COIN:BONKUST), pushing the trading volumes of these thematic tokens to new records of $3.6 billion, with weekly gains of 109% and 275% respectively. In comparison, SHIB appreciated 252% in the last 7 days, even with new updates in its ecosystems.
DeFi at the forefront of crypto revitalization, according to Bernstein
Bernstein Research predicts a strong rebound in the cryptocurrency market, with decentralized finance (DeFi) leading this recovery. The report highlights that DeFi, considered the future of blockchain finance, will recover significantly. Six of the top ten revenue-generating protocols belong to the DeFi sector, such as Uniswap (COIN:UNIUSD) and Aave (COIN:AAVEUSD). Unlike the past, where the sector was marked by unsustainable yields, a real return and clearer regulation are now expected, which could attract major asset managers to consider DeFi ETFs and active funds, further promoting the growth and adoption of the sector.
Tether USDT approaches $100 billion in market value
The stablecoin Tether (COIN:USDTUSD) is nearly reaching $100 billion in market value for its USDT stablecoin, after a 9% increase this year. This growth was driven by the recent issuance of 1 billion USDT by Tether Treasury, intended to replenish the Ethereum network, according to Tether CEO Paolo Ardoino. This advance reflects the growing interest from investors and the use of USDT as a hedge against currency volatility in developing countries, in addition to the preference for USDT on the Tron network, due to lower transaction fees, contributing to its expansion in the market.
BitMEX reports significant flows in GBTC and Bitcoin ETFs
In early March, for the first time since February 21, BitMEX recorded net outflows, highlighted by a withdrawal of $140 million in one day, influenced by a $492 million reduction in the Grayscale Bitcoin Trust (AMEX:GBTC), one of the largest daily movements ever seen. Despite these considerable outflows, the reduction in Assets Under Management (AUM) of GBTC was relatively moderate, falling from $28.6 billion to $27 billion, thanks to the appreciation of Bitcoin since the ETF’s launch in January. Its annual fee revenues reach $398 million, surpassing the new ETFs. Meanwhile, the BlackRock ETF (NASDAQ:IBIT) had modest inflows of $203 million on March 1, raising its total to $8 billion, equivalent to about 165,000 Bitcoins.
Morgan Stanley seeks to include Bitcoin in institutional funds
Morgan Stanley (NYSE:MS), a banking giant and wealth manager, plans to incorporate Bitcoin into its institutional funds, as revealed in a document to the SEC. The strategy includes investing indirectly in Bitcoin through ETFs in 13 investment vehicles, with a maximum allocation of 25% in Bitcoin ETFs. The bank highlights risks similar to direct investments in cryptocurrencies, while expanding the adoption of recently launched spot Bitcoin ETFs.
Worldcoin attracts millions of users despite privacy concerns
Worldcoin (COIN:WLDUSD), co-founded by Sam Altman, is expanding rapidly, reaching almost 4 million users in less than a year, even facing questions about privacy. The project, which uses iris scanning to validate human identity, has integrated with platforms like Minecraft and Reddit. Despite scrutiny over data collection practices in various regions, including South Korea, the WLD token maintained its value, benefiting from advances by OpenAI, a sister company of the project.
Ether.Fi invests heavily in the security of the Omni Network
Ether.Fi announced an investment of $600 million in Ether to support the security of the Omni Network, a blockchain developed to facilitate communication between various Ethereum rollups, ensuring low latency and security. The commitment is part of the EigenLayer security model, with the Ether being reinvested in this platform. As part of the agreement, the Omni Network will include the Ether.Fi eETH token (COIN:EETHETH) in its list and select its node operators for the validated service. This Ether deposit will serve as a guarantee against potential security failures. This move follows a recent $23 million fundraising by Ether.Fi and highlights the growth of the liquid staking market, driven by EigenLayer, where the total value locked (TVL) jumped to $10 billion.
Bitdeer unveils new Bitcoin mining chip
Bitdeer Technologies (NASDAQ:BTDR), based in Singapore, announced the successful development of an innovative Bitcoin mining chip, SEAL01, with 4-nanometer technology, intended for its future Sealminer A1 platform. This chip, promising an energy efficiency of 18.1 J/TH, aims to improve performance and reduce energy consumption, benefiting the environment and lowering operational costs. The launch date of the platform remains undefined.
Ark Invest reduces stake in Coinbase
Last week, Ark Invest sold 217,305 shares of Coinbase (NASDAQ:COIN), valued at $44.7 million, from its ARK Innovation ETF (AMEX:ARKK), adjusting the composition of the fund in light of COIN’s appreciation. On Wednesday alone, 86,298 shares were traded, exceeding $17 million. This move comes in a context of strong performance by Coinbase, whose shares rose 31% in the week and 72% in the month, despite a recent technical issue on the platform.
Coinbase executive challenges judicial decision on crypto assets
Paul Grewal, legal chief of Coinbase (NASDAQ:COIN), questioned the relevance of a judicial decision that defined certain crypto assets as securities, related to an insider trading case involving former Coinbase employees. The decision stemmed from the actions of Ishan Wahi, accused by the SEC of leaking information about future listings. Grewal argued that decisions made in absentia have little precedential value and criticized the SEC’s approach of not directly confronting those who could refute its claims.
Binance under investigation in Nigeria for financial allegations
Binance CEO Richard Teng was summoned by a committee of the Nigerian House of Representatives to discuss allegations of money laundering and terrorism financing by March 4. The summons follows the detention of two Binance executives in the country, amid accusations by the Nigerian central bank of contributing to an economic crisis by facilitating the exit of $26 billion in untraceable funds. Authorities are considering a fine of up to $10 billion, while the committee threatens action if Binance fails to appear.
Fraud alert in Hong Kong against BitForex
The Hong Kong regulatory authority issued an alert about BitForex, suspected of fraudulent activities, after the cryptocurrency platform went offline on February 23, with allegations of withdrawing $57 million from its wallets. BitForex, previously warned in Japan for operating without registration, faces scrutiny in Hong Kong, a region seeking leadership in digital assets while combating fraud. The commission called for police action following reports of users being locked out of their accounts.
Russian Alfa-Bank advances in the use of digital assets
Alfa-Bank, a major Russian bank, is set to launch an innovative Digital Financial Asset (DFA), tracking four main assets in Russia. The new asset, issued on the bank’s “A-Token” platform, will cover stocks, bonds, gold, and money market instruments. Developed in collaboration with Alpha Capital Asset Management, the DFA “Evergreen Portfolio” aims to offer attractive returns and stable capital growth to investors. This initiative reflects Russia’s advancement in digital assets, balancing potential gains with market volatility mitigation.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93414441/crypto-meme-coins-dominate-crypto-market-bitcoin
Coinbase up 6.5% in premarket amid Bitcoin rally
March 04 2024 - 08:29AM
IH Market News
Shares of Coinbase Global (NASDAQ:COIN) moved in lockstep with Bitcoin’s gains which surpassed the $65,000 mark on Monday.
The recently approved Bitcoin exchange-traded funds (ETFs) and the upcoming April halving propelled the world’s largest digital token to its two-year high.
The company stock surged 6.5% to sell at $218.19 apiece at 7:46 am ET.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93412095/coinbase-up-6-5-in-premarket-amid-bitcoin-rally
For those of them that reside in High-Rise buildings, lock your windows! No empathy here for Shorts!
Shorts are tiptoeing on hot coals.
Has to be painful.
mb
Up over 6% in pre-market. GLTA!
Coinbase to Participate in the Morgan Stanley Technology, Media and Telecom Conference
February 28 2024 - 08:05AM
Business Wire
Coinbase Global, Inc. announced today that Brian Armstrong, Co-Founder and CEO, and Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Morgan Stanley Technology, Media and Telecom Conference on Wednesday, March 6, 2024 at 3:35 p.m. PT / 6:35 p.m. ET.
A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.
Disclosure Information
Coinbase uses the investor.coinbase.com and blog.coinbase.com websites, as well as press releases, public conference calls, public webcasts, our X feed (@coinbase), our Facebook page, our LinkedIn page, our YouTube channel, and Brian Armstrong’s X feed (@brian_armstrong) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
About Coinbase
Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including for trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. Together with the crypto community, we also advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228185032/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93378351/coinbase-to-participate-in-the-morgan-stanley-tech
"The sharp rise has fueled renewed interest in apps like Coinbase, which allows users to buy, sell, and hold crypto products in a digital wallet. This rapid increase in demand, including from more casual crypto investors, have seemingly contributed to the app's current issues, as Coinbase says the app is experiencing issues from high traffic."
https://finance.yahoo.com/news/following-bitcoin-surge-coinbases-app-180358961.html
Lets see if at closing today the pps can hold above $200.00 and provide COIN with a firmer launching base. GLTA!
Check you balances, they are working on it..
No, but the impression was that it's not in the too distant future.
did he give a time frame?
CNBC today: Joe Kernen & Anthony Scaramucci had a very positive segment on crypto. Scaramucci thinks bitcoin could eventually be at $200,000. GLTA!
Possibly today's performance is an indication of how that case is going to go. Leak? GLTA!
Coinbase, IBD Stock Of The Day, Surges Above Buy Point As Bitcoin Tops $53,000 To Two-Year High
Coinbase is Monday's IBD Stock of The Day as it surges past a buy point. Shares of the cryptocurrency exchange are running higher with other crypto stocks as the bitcoin price spiked back above $53,000 for the first time since November 2021.
Coinbase (COIN) on Feb. 15 reported diluted earnings of $1.04 per share, improving from a loss of $2.46 per share last year and ending a streak of seven consecutive quarterly losses. Total revenue spiked 51% to $953.8 million, marking the exchange's second consecutive increase after six straight quarters of double-digit declines.
FactSet expected Coinbase earnings of 2 cents per share on a 31% jump in revenue to $826 million.
Consumer transaction revenue leapt nearly 60% over the year to $492.5 million and improving from $274.5 million in Q3. Institutional transaction revenue increased 173% to $36.7 million, also climbing from $14.1 million last quarter.
Total subscription and services revenue climbed almost 33% to $375.4 million. Custodial fee revenue rose to $19.7 million, compared to $11.4 million last year and $15.8 million last quarter, respectively.
For Q1, Coinbase expects subscription and services revenue to range from $410 million to $480 million.
Coinbase is also serving as the cryptocurrency custodian for a majority of newly launched spot bitcoin ETFs following the FTC's Jan. 11 approval for those funds.
ETF Impact
"We've always said that ETFs would be a win-win for Coinbase and we're starting to see that play out on our platform," CEO Brian Armstrong said on the Feb. 15 earnings call, noting Coinbase custody accounted for 90% of the $36 billion in bitcoin ETF assets at the time. "We're earning revenue, not just on custody, but also on trading and financing. We've already seen great demand as bitcoin is now the second-largest ETF commodity in the U.S., surpassing silver."
A number of firms hoisted their price targets on shares after the report based on the performance and Q1 outlook. H.C. Wainwright on Feb. 16 raised its price target on Coinbase to $250 from $115 and maintained a buy rating on the stock.
The upcoming bitcoin halving event in April along with growing demand and incremental inflows from spot bitcoin ETFs will provide "significant positive catalysts" for the exchange going forward, the firm wrote.
Bitcoin Notches Two-Year High
Bitcoin on Monday jumped as high as $53,614, marking its highest level since November 2021. The crypto's total market capitalization is back above the $1 trillion mark for the first time in more than two years following its February rally. Bitcoin is now up 25% so far in 2024, with most of the gains coming after the spot bitcoin ETF launches in early January.
Cathie Wood Takes Profits
Meanwhile, Cathie Wood and her ARK Invest firm appear to be taking profits on COIN stock throughout February. ARK Invest on Feb. 14 sold $34.23 million worth of Coinbase stock across three of its funds, its first sale of the crypto exchange's shares in over a month, according to daily trade updates. The most recent sale prior came on Jan. 11 following the bitcoin ETF launches, according to CoinDesk.
ARK Invest regularly sold shares throughout the month following Coinbase's earnings. The firm sold a total of 971,814 shares of COIN stock in February across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), worth roughly $167.25 million based on the various closing prices.
Coinbase Stock
Coinbase stock leapt 14.6% Monday to 190.29, moving back above a prior 187.39 cup-base buy point. Investors could have jumped into COIN as it broke the downtrend of a high handle formation. Traders also could use the Feb. 16 high handle peak of 193.64 as an entry or add-on buy point, but it's already significantly extended from the 50-day line.
COIN shares on Feb. 16 briefly broke out from a cup base following earnings but didn't close above that level. Shares fell back last week.
Shares have rocketed 48% so far in February to erase its 26% drop from January.
Coinbase leads the Computer Software-Financial Group according to the IBD Stock Checkup.
COIN stock has a perfect 99 Composite Rating. The Composite Rating combines various technical and fundamental indicators into one easy-to-read score. Shares have a 76 EPS Rating. Coinbase's relative strength line is trending toward its 52-week highs from late December and has a 98 RS Rating.
Elsewhere, spot bitcoin ETF shares and crypto stocks surged Monday along with bitcoin. Spot bitcoin ETFs, including the iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Trust (FBTC) all gained 5% Monday. The new bitcoin ETFs, except for Fidelity, are now trading at record levels after punching above launch-day highs.
Bitcoin miner Marathon Digital (MARA) vaulted 21% Monday ahead of Q4 results late Wednesday. FactSet analysts expect the company's earnings improve to 3 cents per share from a loss of $3.09 last year while revenue spikes nearly 440% to $153.6 million. MARA stock has a 30.45 cup-with-handle buy point.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
https://www.investors.com/research/ibd-stock-of-the-day/coinbase-rallies-to-break-downtrend-as-bitcoin-crosses-53000-to-two-year-high/
Texas Voters Stand with Crypto
A new study highlights that a ??growing pro-crypto constituency in Texas wants to update the financial system. This is particularly true among the Lone Star State’s younger demographic who view crypto as a tool for change to support economic opportunity, freedom and fairness. With the 2024 election fast approaching, With Texas leveraging its natural strengths to grow as a global crypto hub, Texas is standing with crypto and making clear policy makers should mess with Texans’ crypto.
* 4.7 million Texas adults (or 21%) own digital assets, according to previous Morning Consult data.
* Texas crypto owners represent the next generation of Texas voters, with 39% falling between ages
18-34 and a majority reporting a household income below $75K.
* Polling finds that this emerging cohort of younger, more diverse voters care about the positions politicians and leaders take on crypto, pointing to the economic opportunity, freedom and fairness; job creation; accessibility; and global leadership potential of the tech.
By Coinbase Policy, February 23, 2024, 3min read time
https://www.coinbase.com/blog/texas-voters-stand-with-crypto?__cf_chl_rt_tk=FEDRAvAGHPhUrz_PvZkD2twFHQ6GwTHSKHr.4peujgU-1708975503-0.0-5842
shouldn't we be getting a court decision on SEC v Coinbase soon?
Cathie, you may have sold a little too soon. GLTA!
Hope everyone took advantage of last week's dip. GLTA!
May be another buying opportunity today. GLTA!
You're a smart noodle 😆
I bought the dipsy doodle
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