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Why Coinbase Global Rose 2.8% on Wednesday

TheMotleyFool

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Shares of cryptocurrency marketplace Coinbase Global (NASDAQ: COIN) jumped as much as 2.9% in trading on Wednesday as Cathie Wood bought more shares, and crypto markets recovered. Shares closed the day up 2.8%.

On Tuesday, the Ark funds run by Cathie Wood bought a total of 23,414 shares of Coinbase, worth $5.8 million. When Wood buys or sells a stock like Coinbase, her action can move the market despite the fact that she is often not moving into or out of a position entirely.

Image source: Getty Images.

Source Fool.com

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