Coinbase Stock Is No Longer at the Mercy of Bitcoin. Cathie Wood's ARK Is Buying
Coinbase Global stock has been hammered in recent months as it's been at the mercy of the brutal Bitcoin selloff.But it doesn't always have to be that way. In fact, the shares' 16% post-earnings surge Friday -- even as cryptocurrency prices remained relatively subdued -- is a sign it could start moving independently of volatile digital asset prices.The earnings weren't much to write home about, with the recent crypto weakness to blame. The company swung to a quarterly loss and revenue slumped 22% -- both missed estimates. However, its push to become an "everything exchange" is starting to pay off.Cathie Wood's ARK Invest turned bullish, buying 92,854 shares across three exchange-traded funds, according to a trading notification Friday. The purchase was worth more than $15 million based on the closing price. ARK sold some of its Coinbase stock earlier this month following Bitcoin's drop.Palmer added that Coinbase's doubling of trading volume and market share in 2025, the scaling of its