Riding on the wave of a broader market rally, Coinbase stock (COIN) notched a rally of nearly 60% over the past two weeks exceeding more than $84 per share.
The resurgence in the exchange’s shares comes in the backdrop of a severe banking crisis in the United States and the subsequent investor rush to Bitcoin and other cryptocurrencies.
ARK Breaks Buying Steak
But Coinbase bull – Cathie Wood’s ARK Invest – has broken its buying streak. The noted growth investor sold 160,887 shares of COIN, worth more than $13 million, on March 22nd. ARK Invest first began adding Coinbase to its innovation fund in October 2021, months after the exchange’s initial public offering (IPO).
Last year, the company bought shares of the San Francisco-based crypto exchange a total of 24 times, netting around 2.7 million stocks in the exchange, despite selling over a million in July. The buying spree continued this year as well, with the latest being in March when it acquired over 350,000 shares of the largest US-based crypto exchange
While the stock has been on an upward trajectory since March 10th, another renewed push that boosted its price was the Brazilian expansion development.
Coinbase Strengthens its Hold in Brazil
In the latest blog post, Coinbase revealed integration with the Central Bank of Brazil-led payment platform Pix to “localize” its app allowing customers in the country to buy and sell crypto with Brazilian reais. The American digital asset exchange said it would also offer customers an app and 24/7 chat support in Brazilian Portuguese.
“We’ve also tailored our app to be fully localized in Brazilian Portuguese, with 24/7 chat support always available to assist you. Finally, we have streamlined our onboarding process, making it easier than ever to get started with Coinbase.”
Coinbase’s tryst with Brazil dates back to 2021, when it established a technology hub in the country. Meanwhile, its investment arm – Coinbase Ventures – has been active throughout Latin America. This includes investments in Hashdex, a Brazilian crypto asset management firm, as well as Ledn, a crypto-based financial services platform.
This has significantly boosted the COIN stock surging by 12% over the past day alone. Coinbase has been accelerating work on its “Go Broad, Go Deep” that entails expanding its footprint on every continent except for Antarctica.
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