TLDR
- Coinbase (COIN) closed at $136.82 Thursday, down 9.69%, after a 52-week low of $133.50.
- The Nasdaq Composite fell 5.52%, its worst day since April 2025.
- Ark Invest bought $2.44 million of Coinbase and sold Bullish and Bitmine.
- Morgan Stanley cut its target to $120 from $258 with an Underweight rating.
- New Jersey lifted its staking order, but four other states still have disputes.
Coinbase (COIN) closed Thursday at $136.82, down 9.69%. That was a steeper fall than the Nasdaq Composite, which dropped 5.52%.
The stock hit a new 52-week low of $133.50 during the session. It had closed at $151.50 the day before.
The market rout erased post-election gains and gave the Nasdaq its worst day since April 2025, according to CNN. The S&P 500 lost 4.36%, and the Dow fell 3.44%.
Bitcoin slid 5.8% to $75,908 over 24 hours. Ethereum dropped 8.2% to $2,234.
Fears of a slowdown in AI development drove much of the damage after the Democrats’ midterm win. Nvidia fell 9.26%, and AMD dropped 17.26%.
Ark Takes the Other Side of the Trade
Cathie Wood’s Ark Invest bought $2.44 million of Coinbase through its Ark Innovation ETF. It was the smallest of four purchases in the disclosure.
Ark also bought $45.9 million of Nvidia, $19.8 million of AMD and $48.7 million of SpaceX. Those names were hit hard too, with SpaceX down 9%.
On the sell side, Ark let go of $2.27 million of Bullish and $2.28 million of Bitmine. Bullish fell 10.46%, and Bitmine slid 12.56%.
Analysts Split on Coinbase
Morgan Stanley cut Coinbase to Underweight on Monday and lowered its target to $120 from $258. The bank cited weaker confidence in an earnings recovery.
Cantor Fitzgerald kept an Overweight rating with a $212 target. Keefe, Bruyette & Woods trimmed its target to $221 from $237 and kept Outperform.
MarketBeat counts 20 Buy ratings, 12 Hold and 4 Sell. The average rating is Hold, with a $210.97 target.
The stock now sits well below its 50-day moving average of $177.37. Its beta of 3.35 means it tends to swing harder than the market.
Insiders sold at much higher prices in recent weeks. CFO Alesia Haas sold about $8.01 million of stock at $205.24 on Sept. 21 under a 10b5-1 plan.
Director Marc Andreessen sold about $1.35 million at $198 on Oct. 2, also under a pre-arranged plan. Insiders sold $17.97 million in total over the last 90 days.
New Jersey dropped its staking lawsuit and lifted its cease-and-desist order. Disputes remain in four other states.
A federal appeals court refused to pause New York and Connecticut actions tied to Coinbase’s prediction-market business. Coinbase also said the Binance hack did not affect it and that it keeps more than 99% of customer crypto offline.
The selling carried into Asia on Friday. South Korea’s Kospi was down 3.6% around noon after a drop of nearly 9% triggered a brief halt, and Japan’s Nikkei 225 fell 5.3% in the morning.
