Coinbase stock (COIN) year-to-date gains stood close to 150%
COIN experienced a nearly 60% increase in value over the last two weeks, surpassing $84 per share, riding the wave of a broader market rally.
The recovery in the exchange’s stock price coincides with the U.S.’s severe banking crisis and the subsequent investor jump to Bitcoin and other cryptocurrencies.
ARK Breaks Buying Steak
The Coinbase bull – Cathie Wood’s ARK Invest – has broken its streak of buying. On March 22, the well-known growth investor sold 160,887 shares of COIN for more than $13 million. Months after the exchange’s initial public offering, in October 2021, ARK Invest started adding Coinbase to its innovation fund (IPO).
Although selling more than a million shares in July, the company purchased shares of the San Francisco-based cryptocurrency exchange a total of 24 times last year, netting almost 2.7 million. The buying binge continued into this year, with the most latest purchase occurring in March when it purchased more than 350,000 shares of the biggest US-based cryptocurrency exchange.
The stock has been rising since March 10th, but the development of the expansion of Brazil provided a fresh boost to its price.
Coinbase strengthens its control in Brazil
In its most recent blog post, Coinbase unveiled integration with Pix, a payment system run by the Central Bank of Brazil, in order to “localize” its app and enable users to purchase and sell cryptocurrency in Brazilian reais. Brazilian Portuguese chat assistance and an app are also available to customers, according to the American digital asset exchange.
Also, we completely localized our software to Brazilian Portuguese, and we provide you with 24/7 chat assistance. Finally, by streamlining the onboarding process, Coinbase is now easier than ever to use.
Coinbase first became involved with Brazil in 2021, when it opened a technology hub there. Coinbase Ventures, the company’s investment arm, has been active in Latin America throughout this time. This includes financial investments in Ledn, a platform for crypto-based financial services, as well as Hashdex, a Brazilian company that manages crypto assets.
This has greatly increased the COIN stock, which has increased by 12% just in the last day. Work on Coinbase’s “Go Broad, Go Deep” initiative, which calls for extending its presence on all continents except Antarctica, has been speeding up.