Coinbase Holdings Surge as Institutions Take Notice

First Citizens Bank & Trust Co., an institutional investor, significantly increased its holdings in Coinbase Global, Inc. (NASDAQ: COIN) by 37.4% during the first quarter. According to a recent Form 13F filing with the Securities and Exchange Commission, First Citizens Bank acquired an additional 11,020 shares of Coinbase's stock, bringing its total holdings to 40,467 shares valued at $7,066,000.

This is just one example of institutional investors taking a closer look at Coinbase. Other firms like MV Capital Management Inc., Palisade Asset Management LLC, Osbon Capital Management LLC, Archer Investment Corp, and Brooklands Fund Management Ltd have also bought new stakes in the cryptocurrency exchange during the fourth quarter.

As of now, institutional investors own 68.84% of Coinbase's stock. Despite this significant presence, the company has faced challenges in its recent quarterly earnings report. In May, Coinbase reported a loss per share of $1.49, missing analysts' expectations by $1.55. The business had revenue of $1.41 billion during the quarter, down 30.5% compared to the same period last year.