Cathie Wood-led ARK Investment Management has purchased 213,519 shares of Coinbase Global Inc COIN at an estimated valuation of over $13 million based on Wednesday’s closing price, as the cryptocurrency exchange platform reported upbeat quarterly results.
The purchase was made via the ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.
Also Read: How To Buy Coinbase (COIN) Stock
Coinbase shares have gained over 82% this year as cryptocurrencies bounce back from a horrendous 2022. Bitcoin BTC/USD has gained over 45% since January, while Ethereum ETH/USD is up over 36%.
Coinbase after market close on Tuesday reported fourth-quarter revenue of $629.1 million, which came in ahead of a Street estimate of $586.2 million. The company has projected first-quarter subscription and services revenue to hit a range of $300 million to $325 million.
“We enter 2023 with a focus on cost management, efficiency, and a goal to improve full-year adjusted EBITDA,” the company said. “Crypto remains volatile and we have limited ability to forecast our transaction revenue, which remains correlated with crypto market capitalization and crypto asset volatility."
Interestingly, famed short-seller Jim Chanos reportedly indicated he was short on the company as it did not seem to have sustainable income sources.
The daily chart of Coinbase shows the stock trading with a descending wedge pattern. The stock may continue within this short range for some more time to come before a breakout or breakdown occurs.
Major Sale: Wood’s funds have sold over 207,000 shares of sports betting company DraftKings Inc DKNG at an estimated valuation of over $4 million.
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