Cryptocurrency trading platform Coinbase Global Inc. CURRENCY has seen its share price drop due to instability in the market, with investors betting more against the company as one of the most prominent investors continues to accumulate shares.
What went down: Coinbase’s share price fell to all-time lows in mid-February as a result of the collapse of the cryptocurrency trading platform FTX.
According to S3 CEO Ihor Dusaniwski, the short interest in Coinbase is currently at 22.63% of the free float, as he tweeted out.
The author wrote that the short interest has decreased by two million shares in the past week.
What’s next for Coinbase: Coinbase is expected to make more than $2 billion in profit this year, despite the sector’s volatility.
Related Link: Coinbase Q3 Earnings RoundupEPS Revenue And Loss, Monthly Users Drop Less Than Robinhood, Stock Jumps
Bets For Cathie: One investor who has been far from shorting Coinbase is ARK Invest CEO Cathie Wood. Several shares of the struggling company were acquired by the Ark Invest team this week, being the first purchase of that stock since November of 2009.
As of this writing, ARK Invest holds the following funds which have Coinbase in them:
Ark Innovation ETF ARKK$231.3 Million, 3.44% of assets. 14th largest holding
Ark Next Generation Internet ETF ARKW: $50.5 Million, 4.93% assets, seventh largest holding
Ark Fintech Innovation ETF ARKF$42.8 Million, 6.12% of assets, Third largest stake
The three ETFs from Ark Invest hold more than $300 million in Coinbase shares, increasing their stake in 2022.
Coinbase’s shares have dropped by 85% this year, after hitting record lows several times in December.
Leading cryptocurrency Bitcoin USD/BTC has seen its value decline by 64% in 2022, though that is still less than Coinbase’s drop.
CURRENCY Price Action: Coinbase shares slipped 8.18% and were at $34.86 by Friday, setting new 52-week lows.
Read Next: Coinbase Slides To New All-Time Lows While Bitcoin And Ethereum Hold Steady, What’s Next?
