Coinbase Shares Soar After Cathie Wood’s Ark Invest Beats Revenue Forecasts with Earnings

Coinbase (COIN) shares soared after the U.S.-based cryptocurrency exchange reported better-than-expected fourth-quarter earnings and revenue.

Coinbase earned $1.04 per share last quarter, well above analysts’ average estimate of $0.02 per share, according to FactSet data. It also beat analysts’ revenue forecasts of $826.1 million after reporting $953.8 million in revenue. said.

Coinbase shares have surged 15.5% over the past 24 hours, trading at $191.72 as of 11:15 a.m. ET. It is up nearly 36% in the last five days.

Cathie Wood’s ARK Invest Sells COIN Stocks Amid Portfolio Reconciliation

Coinbase’s outstanding stock performance led Cathie Wood. Ark Invest You profit as part of a portfolio adjustment. The company sold a total of 162,762 COIN shares for approximately $26.7 million through its flagship products, ARK Innovation ETF and ARK Genomic Revolution ETF.

Ark Invest also reduced its exposure to the fast-growing AI sector after selling shares of Nvidia Corporation and Alphabet Inc, both pivotal players in the ongoing AI craze. The company sold 4,671 shares of Nvidia stock through the ARK Autonomous Technology & Robotics ETF and ARKG.

Building a Bitcoin ETF increases trading volume on Coinbase.

coinbase Trading volume increased 100% in the third and fourth quarters of 2023 as cryptocurrency prices began to rebound in anticipation of the approval of spot Bitcoin ETFs (exchange-traded funds) in the United States. The exchange platform’s fourth quarter trading volume was $154 billion, surpassing expectations of $142.7 billion.

The Q4 2023 and Full Year 2023 updates have been released.

Read the full shareholder letter and join the earnings call: https://t.co/fod43YZKqw pic.twitter.com/DJ2NhFyfdU

— Coinbase 🛡️ (@coinbase) February 15, 2024

Anil Gupta, vice president of investor relations, told CoinDesk that the ETF is “a win-win for Coinbase.” Custody service provided in 8 out of 10 new branches Bitcoin Although custody is a “relatively small part of the business,” Gupta said ETFs are “energizing the whole sector.”

This has “led to a lot of activity and engagement on the platform,” he said.

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