Coinbase stock closes in the green amid tumultuous week after SEC lawsuit

Quick Take

  • Coinbase shares rose 3.1% on Thursday amid a tumultuous week for the crypto exchange.

Coinbase shares rose 3.1% on Thursday to close at $54.90 amid a tumultuous week for the crypto exchange that was marked by a lawsuit against it filed by the U.S. Securities and Exchange Commission.

The stock had dipped to $52.14 in the morning around 10 a.m. ET but rose steadily throughout the rest of the day, according to TradingView

COIN's performance on June 8, 2023.

Mark Palmer, an equity research analyst for digital assets at Berenberg Capital, said shares will most likely decline due to the SEC lawsuit and reduced his price target to $39 from $55. 

However, some remain bullish on the stock. Cathy Wood's Ark Invest purchased $21 million in Coinbase stock on June 7, just a day after the SEC alleged that the company had broken securities regulations.


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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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