Coinbase Global Inc (NASDAQ:COIN) stock is on a tear this morning and moving sharply higher by an afternoon session on high volume.
After the listing on April 14h, the stock has been showing continuous selling pressure as Bitcoin ETF was under pressure. After closing at $329 on a listing day, the stock fell to as low as $250.51 last Thursday – that’s a 24% fall in just 3 weeks.
Although there was no news for the post-IPO sell-off, it could be because of direct listing of the stock – which enables insiders to sell shares right away without the usual post IPO lockup period that limits the initial supply of shares.
At the time of writing Coinbase stock is trading higher by 10.43% at the highest point of the day of $291.20. More than 5.61 million shares already traded hands so far.
Keep on Coinbase stock as momentum looks in favor at least for the short term.
Finance and Entertainment Reporter
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