Coinbase shares hit new record high as Cathie Wood exits

Coinbase has once again grabbed Wall Street's attention.

Coinbase has once again grabbed Wall Street's attention. Over the last four weeks, the COIN stock has risen by about 40%, and it’s now trading at $375—a new record high. For comparison, on April 12, 2021 the price briefly topped $400 but closed at $342. The previous official closing high of $357 dates back to November 2021 — that has now been broken.

The rise is largely due to improved regulations in the U.S., where Coinbase, as the country’s largest crypto exchange, is directly benefiting. The company is also taking more steps toward the traditional financial sector. For instance, Coinbase recently launched “Coinbase Payments,” a payment solution based on stablecoins, and it aims to expand crypto-derivative trading within the American market.

Additionally, the IPO of stablecoin issuer Circle benefits Coinbase. Coinbase earns a substantial portion of Circle's revenue, which directly contributes to the revenue of the publicly traded company.

Interestingly, Cathie Wood is taking a pause at the same time. Her investment fund Ark Invest sold more than 33,000 Coinbase shares worth nearly $12.5 million recently. Ark also exited almost 190,000 shares of payments company Block, worth about $12.3 million. Both transactions occurred within the flagship ARK Innovation ETF (ARKK), according to recent sale notices.

Coinbase is climbing to new heights even as one of its biggest evangelists steps back.