Coinbase has been under the radar for quite a lot of things. While the crypto exchange concluded its third round of layoffs, the rest of the community expected to see a plummet in the stock price of COIN. On the contrary, it was on a rise.
Cathie Wood and her investment management firm Ark Invest has been making headlines throughout the week. The firm was seen consistently pouring funds into Coinbase. Just yesterday, ARK pocketed 33,756 Coinbase shares. This purchase was worth $1.49 million. Earlier today, Wood’s platform shelled out another $3.28 million on 74,792 shares of COIN.
It should be noted that the value of the shares is based on COIN’s closing price of $43.79 on Wednesday. At press time, COIN was priced at $44.95 with a 2.65 percent daily rise.
This surge was much needed for Coinbase after its shares dipped to a low of $31.59 on January 6.
Ark was making big bucks as all its investments were noting a prominent increase. Along with Coinbase, Wood’s firm further purchased 69,060 shares of Tesla [TSLA] for $8.5 million. TSLA recorded an 11.56 percent daily uprise and was priced at $123.21.
Coinbase chief lauded for creating a page for terminated employees
Coinbase went from bragging about hiring 2,000 employees in 2022 despite crypto winter to slashing more than 2,000 from its workforce. Amidst this, the exchange’s former manager’s brother was sentenced to prison in an insider trading case. Therefore, the exchange was subject to immense backlash.
However, Brian Armstrong, the CEO of Coinbase went on to garner applause for setting up a page to help the firm’s terminated employees.
Armstrong set up the page for 122 candidates across different sectors. Additionally, he even provided these candidates to either add themselves to the list or even opt out of the initiative.