Coinbase (COIN) - Get Coinbase Global Inc Report stock exploded on Thursday as the crypto specialist reported it would partner with the gigantic asset manager BlackRock (BLK) - Get BlackRock Inc. Report.
The shares leaped 44% in early trading and have since settled back, up about 10% and approaching $89.
That follows yesterday’s gain of 20% and Tuesday’s rally of 7.2%. With gains like that, it’s got to have Cathie Wood & Co. feeling a bit glum.
Wood’s Ark Invest dumped more than 1.4 million shares at around $53. That’s after sporting an average cost basis near $255 a share — so around an 80% loss at the time of selling. The sales also came after reports of an SEC investigation into the company.
At today's high of $116.30 this morning, the stock more than doubled from Ark’s sale price. While the rally is looking like it will struggle to maintain momentum, such a sharp, sudden rally still has to sting for those that just stopped out.
Now investors are wondering whether Coinbase can keep rallying or whether today’s move will mark a short-term top in the stock.