Tag: Stock

Coinbase Stock Down 3% in Pre-Market, Cathie Wood’s ARK Invest Sold $49.2M Worth of COIN Shares on Friday

At the time of writing, Coinbase stock is trading at $141.98 whoch indicates a drop of over 3%. Coinbase stock is in the red zone during the pre-market session today while Bitcoin price has decreased from $44,000 to around $41,600.  At the time of writing, BTC is trading at nearly $42,000. It is reported that Cathie Wood’s ARK Invest has been gradually selling Coinbase Global Inc (NASDAQ: COIN) stock in recent weeks. On Friday, the company got rid of COIN shares worth $49.2 million. The sale that took place on…

Amazon Removes PayPal-backed Venmo as Payment Option, PYPL Stock Drops Nearly 2%

While Amazon did not provide the actual reason for not supporting Venmo as a payment option, the notable rise of web3 payment platforms could be a major factor. In October last year, Amazon.com Inc (NASDAQ: AMZN) announced that it would begin to offer Venmo, a product of PayPal Holdings Inc (NASDAQ: PYPL), as a new payment option to boost its orders on the mobile app and Amazon.com site during the festival season. Initially, Amazon announced only its US-based customers would shop with the Venmo payment option. A year later, Amazon…

GameStop CEO Buying New Stocks from Company’s Cash Balance, GME Stock Up 10%

GameStop gives CEO complete control to buy stocks from the company’s cash books, however, analysts have given a major red flag on this. Gaming retailer GameStop Corp (NYSE: GME) is taking a shift in its approach while allowing its CEO and chair Ryan Cohen to gain even more control in these struggling times. This includes the ability to use the company’s cash to buy new stocks. In its quarterly report unveiled on Wednesday evening, GameStop disclosed two modifications to its corporate investment strategy. First is that it allows the use…

Investment firm floats yield-bearing ETF based on MicroStrategy stock

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A specialized exchange-traded fund (ETF) firm called YieldMax has filed to launch the first yield-bearing ETF product based on shares in Michael Saylor’s Bitcoin holding company, MicroStrategy. According to a Dec. 7 filing with the United States SEC, YieldMax has officially applied to launch its Option Income Strategy ETF based on shares in MicroStrategy, slated for release sometime in 2024. If approved by the SEC, the ETF will trade under the ticker “MSTY” — just one letter off MicroStrategy’s pre-existing ticker “MSTR.” Yieldmax’s filing with the SEC for its leveraged…

TikTok Parent Company ByteDance to Spend $5B Buying Back Stock

TikTok’s parent company ByteDance plans to spend $5 billion buying back stock from shareholders. This will bring its valuation to $268 billion. As per recent reports, ByteDance, the parent company of TikTok, plans to spend about $5 billion buying back stock from its shareholders. This comes as the company has faced several setbacks in its journey to becoming publicly listed, including the economy back in China and regulatory issues in the United States. ByteDance Buying Back Stock Reports suggest that ByteDance will be offering $160 per share to current holders,…

Ark Invest Is Dumping Large Amounts of Coinbase (COIN) Stock, Here’s Why

The recent batch of dumping Coinbase (COIN) shares has been the largest from Ark Invest in 2023. COIN stock price is around a new yearly high of $140. Cathie Wood’s asset management firm Ark Invest has been liquidating its Coinbase Global Inc (NASDAQ: COIN) stock holdings in big numbers recently. On December 5, ARK executed the sale of up to 237,572 Coinbase shares across its three funds, as indicated by a trade notification. The transaction occurred when Coinbase’s stock closed at $140 per share, resulting in a minimum revenue of…

Cathie Wood’s ARK dumps 237K Coinbase shares at $140 per stock

ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) next year, is continuing to rake in the profits made from its large stash of Coinbase (COIN) stock. On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million. The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with…

Crypto Miner Phoenix Group (PHX) Stock Surges as Much as 50% in Abu Dhabi Stock Market Debut

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Bitcoin Overtakes Tesla, Berkshire Hathaway Stock to Become Top 10 Asset

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Bitcoin has become one of the top 10 assets in the world by market cap. This places it higher than Tesla, Visa, and Berkshire Hathaway stock. Crypto watchers might remember that a few years ago, Bitcoin was declared the top-performing asset of the 2010s, even beating out competitors like gold and stocks like Apple Inc (NASDAQ: AAPL). Now, it seems history is repeating itself, according to Infinite Market Cap, a platform that tracks the market capitalization of thousands of assets. As per Infinite Market Cap, Bitcoin has overtaken the likes…

Coinbase and MicroStrategy Stock Jump Almost 9% amid Bitcoin Rally

With MicroStrategy’s shares trading at $574 ahead of today’s open, a level not seen since April 2022, investors are closely watching the company’s performance amid the ongoing crypto resurgence. Recent market dynamics have highlighted the impact of the ongoing Bitcoin (BTC) price rally on certain stocks, with Coinbase Global Inc (NASDAQ: COIN) and MicroStrategy Inc (NASDAQ: MSTR) emerging as key beneficiaries in this unique correlation. In the past 24 hours, both COIN and MSTR stocks experienced a remarkable 9% surge in value, mirroring the 4% rise in Bitcoin’s price during…