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Why Coinbase Global Stock Is Up Today

TheMotleyFool

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Coinbase Global (NASDAQ: COIN) stock was trading higher after it became known that ARK Invest CEO Cathie Wood's ARK Innovation ETF (NYSEMKT: ARKK) had bought more shares of the cryptocurrency trading platform. As of 11:16 a.m. EDT on Friday, the shares were up 3.4%.

Since its direct listing earlier this year, Coinbase shares are down 23%, which correlates with the broader movement in the crypto market.