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.

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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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