Coinbase Sags After Dual Blow of Supreme Court Decision, Ark Share Sale
Coinbase's stock fell 2.1% to $345.79 following the U.S. Supreme Court's decision not to hear its appeal in Harper v. Faulkender, which involved an IRS summons for user transaction data. The ruling disappointed Coinbase and privacy advocates seeking a reevaluation of the "third-party doctrine." Additionally, ARK Invest sold $95 million worth of Coinbase shares across multiple ETFs, contributing to selling pressure despite the company's strong Q2 performance, where shares more than doubled since April. Coinbase recently reached an all-time high close of $375, with analysts from Benchmark and Bernstein setting price targets of $402 and $510, respectively. The next earnings report is expected in early August, with an anticipated gain of $1.33 per share.
