Coinbase (COIN) Stock Falls 10% to 52-Week Low as Cathie Wood Buys the Dip
TLDR
- Coinbase (COIN) closed at $136.82 on Thursday, down 9.69%, after a new 52-week low of $133.50.
- Ark Invest bought $2.44 million of Coinbase while selling Bullish and Bitmine.
- The Nasdaq Composite fell 5.52%, its worst day since April 2025.
- Morgan Stanley cut Coinbase to Underweight with a $120 target.
- New Jersey lifted its staking order, but four other states still have disputes.
Coinbase (COIN) closed Thursday at $136.82, down 9.69% on the day. The prior close was $151.50.
The stock touched $133.50 during the session, a new 52-week low. Volume had already passed 4.7 million when it traded near $138.59.
The Nasdaq Composite fell 5.52%, its worst day since April 2025, according to CNN. The S&P 500 lost 4.36%, and the Dow dropped 3.44%.
Bitcoin slid 5.8% over 24 hours to $75,908. Ethereum fell 8.2% to $2,234.
Cathie Wood’s Ark Invest took the other side of the move. Through its Ark Innovation ETF, it bought 17,806 Coinbase stock, worth $2.44 million.
Ark Buys Coinbase and Trims Two Crypto Names
Ark sold 109,522 Bullish stock, worth $2.27 million, and 119,841 Bitmine stock, worth $2.28 million. Bullish fell 10.46% and Bitmine dropped 12.56%.
The firm also bought in AI and space names. It added 252,592 Nvidia, worth $45.9 million, and 48,984 AMD, worth $19.8 million.
Another 393,774 SpaceX stock, worth $48.7 million, joined the buying list. AI names took the hardest hit, as the Democrats’ midterm win stirred worries about slower AI development.
Nvidia fell 9.26%, and AMD dropped 17.26%.
Wall Street Is Split on Coinbase
Morgan Stanley cut Coinbase to Underweight on Monday. Its target fell to $120 from $258, citing weaker confidence in an earnings recovery.
Others are less cautious. Cantor Fitzgerald kept an Overweight rating with a $212 target.
Keefe, Bruyette & Woods kept an Outperform rating but trimmed its target to $221 from $237. MarketBeat counts 20 Buy ratings, 12 Hold and 4 Sell.
The average rating is Hold, with an average target of $210.97. The 50-day moving average sits at $177.37, and the stock carries a beta of 3.35.
Insiders sold at much higher prices in recent weeks. CFO Alesia Haas sold 39,030 Coinbase stock at $205.24 on Sept. 21, and director Marc Andreessen sold 6,838 at $198 on Oct. 2.
Both sales ran under pre-arranged 10b5-1 plans. Insiders sold 92,120 in total over the last 90 days, valued at about $17.97 million.
New Jersey dropped its lawsuit over Coinbase’s staking program and lifted its cease-and-desist order. Disputes remain in four other states.
A federal appeals court declined to pause New York and Connecticut actions tied to Coinbase’s prediction-market business. Coinbase also said the Binance hack did not affect it, and that it keeps more than 99% of customer crypto offline.
The selling spread to Asia on Friday. South Korea’s Kospi was down 3.6% around noon after a drop of nearly 9% triggered a brief halt, and Japan’s Nikkei 225 fell 5.3% in the morning.