Coinbase stock moved higher in pre-market trading on Thursday after Cathie Wood’s ARK Invest added more than $18 million in COIN shares. The purchase followed a decline in Coinbase’s previous session, when the stock closed at $164.92. ARK bought shares across three exchange-traded funds, raising its exposure to the crypto exchange operator.
The trade came as Wall Street analysts remained divided on Coinbase after its recent System Update event. COIN traded at $168.70 in pre-market activity, up 2.30% from Wednesday’s close.
ARK Invest Adds 111,799 Coinbase Shares
ARK Invest bought a total of 111,799 Coinbase shares through three funds. The largest purchase came through the ARK Innovation ETF, which added 82,556 shares valued at about $13.61 million based on Coinbase’s closing price.
The ARK Next Generation Internet ETF bought 20,268 shares worth about $3.34 million. The ARK Fintech Innovation ETF added 8,975 shares valued at about $1.48 million, bringing the combined purchase to roughly $18.4 million.
The new Coinbase position followed a weaker session for COIN on June 17. Coinbase closed down 2.57% at $164.92 before the ARK disclosure drew market attention in the following pre-market session.
Coinbase Shares Rise In Premarket Trading
Coinbase stock rose after the filing showed renewed buying from ARK. The stock traded at $168.70 before the market opened on Thursday, marking a 2.30% gain from the previous close.
COIN Stock | Source: Finance Yahoo
The movement came during a period of close attention on crypto-related equities. Coinbase often tracks broader sentiment around digital assets, trading activity, and investor demand for regulated crypto market exposure.
ARK’s purchase also arrived after Coinbase held its System Update event. The event included new product announcements, which led analysts to reassess the company’s growth path and market position.
Analysts Remain Split On Coinbase Stock
Barclays kept an underweight rating on Coinbase after the event. The firm also maintained a $107 price target, showing a more cautious view toward the stock compared with other Wall Street firms.
Benchmark held its buy rating and kept a $270 price target. The firm said Coinbase is expanding beyond its role as a crypto brokerage and building a broader platform for users and institutions.
Bernstein also retained a buy rating and a $330 price target on COIN. Cantor Fitzgerald maintained its buy rating as well, with a $250 price target tied to Coinbase’s product development and expansion efforts.
The range of price targets showed the gap between cautious and positive analyst views. It also placed Coinbase’s product strategy at the center of the current debate on COIN.
ARK Adjusts Robinhood, Block, And SpaceX Holdings
ARK Invest also made other changes across crypto, fintech, and technology-linked holdings. The firm sold 275,572 shares of Robinhood Markets through ARKK, with the position valued at about $28.5 million.
Robinhood shares closed at $105.20 on Wednesday after rising 8.78% during the session. The sale came as the stock moved higher, while ARK shifted capital into other names.
ARKK also bought 236,759 shares of Block Inc., valued at about $17.24 million. The purchase added to ARK’s exposure to payments and financial technology companies.
The Coinbase purchase came after another large ARK transaction involving SpaceX shares. ARK bought more than 3.29 million SpaceX shares during a June 12 transaction across four ETFs.
The value of ARK’s SpaceX stake later rose from about $529.7 million to more than $631 million. ARK’s latest Coinbase trade shows continued activity in crypto-linked equities at a time when analyst views on COIN remain mixed.
