NewEdge Reduces Stake in Coinbase Amid Regulatory Uncertainty
NewEdge Advisors LLC has reduced its stake in Coinbase Global, Inc. (NASDAQ: COIN), selling 32,106 shares and decreasing its position by 50.6% during the second quarter.
The institutional investor now owns 31,298 shares of the cryptocurrency exchange's stock after selling the mentioned shares, making its holdings in Coinbase Global worth $4,575,000 at the end of the most recent quarter.
This is not an isolated incident as other institutional investors and hedge funds have also been adjusting their stakes in the company. IFP Advisors Inc increased its holdings by 10.8% during the second quarter, while Baird Financial Group Inc grew its position by 34.1% during the same period.
Despite these changes, Coinbase Global continues to face regulatory uncertainty and competition in the tokenized-equity infrastructure market. Morgan Stanley reportedly sees promise in Coinbase's long-term business prospects but remains cautious about the current share valuation.