Coinbase Stock Sags After Dual Blow of Supreme Court Decision, Ark Share Sale
The post Coinbase Stock Sags After Dual Blow of Supreme Court Decision, Ark Share Sale appeared on BitcoinEthereumNews.com.
In brief Coinbase stock dropped 1.35% to $345.79 the day after the Supreme Court declined to hear its appeal challenging IRS access to user transaction data without specific targets. ARK Invest sold $95 million worth of COIN shares on Monday as part of a portfolio rebalancing across three ETFs, creating selling pressure. Despite recent setbacks, the stock has doubled from April through June. Crypto exchange Coinbase rallied briefly, then dove 2.1% while reeling from the dual blow of U.S. Supreme Court decision on Monday and a fund rebalancing that saw Cathie Wood’s ARK Invest unload $95 million worth of shares. The company’s shares were recently trading for $345.79, down 2.1% in midday trading. The Supreme Court declined to hear Coinbase’s appeal in Harper v. Faulkender, which would have challenged a “John Doe” summons from the IRS to review user transaction data—without identifying who or what it’s looking for. Coinbase and privacy advocates were hoping the high court would revisit its “third-party doctrine” and grant crypto exchanges the same kind of carve-out extended to cell phone service companies for clients’ call data. The company was also addressing the aftermath of noted Bitcoin enthusiast Cathie Wood’s firm ARK Invest selling a hefty $95 million worth of COIN on Monday as it rebalanced several of its ETFs. The company unloaded 77,956 shares from its flagship ARK Innovation ETF, or ARKK; 29.802 worth of COIN from its ARK Next Generation Internet ETF, or ARKW; and 17,134 shares from its ARK Fintech Innovation ETF, or ARKF. Managed funds periodically buy and sell assets to rebalance their portfolios, not necessarily because they’ve soured on a company. Still the sum represents significant selling pressure. The Coinbase stock, which trades on the Nasdaq under the COIN ticker, just notched an otherwise strong Q2. COIN shares more than doubled…
Filed under: News - @ July 1, 2025 9:27 pm