Coinbase Shares Show Resilience as ARK Invest Sells $12M in COIN and HOOD Amid Crypto Rally

Despite ARK Invest's significant sell-off of $12 million in Coinbase (COIN) and Robinhood (HOOD) stocks, Coinbase shares remained steady, even gaining 1.3% in pre-market trading to around $387. This resilience comes as Bitcoin surged 6.4%, highlighting a strong crypto market performance. The article delves into the details of this market activity and its implications for Coinbase and the broader cryptocurrency sector.

Coinbase Stock Holds Steady Despite Ark Invest Sell-Off Amid Crypto Market Rally

Coinbase shares demonstrated resilience as ARK Invest offloaded $12 million worth of COIN and HOOD stock during Thursday's trading session. The cryptocurrency exchange's stock price edged 1.3% higher in pre-market activity, trading NEAR $387 after touching intraday highs of $395.

The divestment occurred against a backdrop of robust cryptocurrency market performance. Bitcoin surged 6.4% to establish new all-time highs at $118,856, while Ethereum breached the $3,000 threshold before settling at $2,979. The broader crypto equity complex mirrored these gains, with MicroStrategy, Riot Platforms, and Circle Internet Group all participating in the upward move.

Institutional interest continues mounting, evidenced by spot Bitcoin ETFs recording $1.18 billion in daily inflows—the second-largest single-day figure on record. This capital movement suggests sustained confidence in digital assets despite periodic portfolio rebalancing by major investors.

Pump.fun Secures Kolscan Acquisition, Prepares for $600M ICO

Pump.fun has made its first acquisition ahead of a planned $600 million initial coin offering, purchasing Solana-based wallet tracker Kolscan. The move introduces an aggregated ranking system for key opinion leaders (KOLs) based on trading performance, enabling users to analyze top investors' strategies within the solana ecosystem.

The platform's $PUMP token has begun pre-market trading on Coinbase, with one-third of its 3 trillion token supply allocated for the upcoming ICO. Pump.fun plans to introduce social features including live streaming as it faces increasing competition from rival token launchpads.

Solana's native token SOL has shown signs of recovery, gaining over 5% in recent sessions to trade around $167 following months of decline. The blockchain platform continues to see heightened activity as projects build on its network ahead of potential market recovery.