COIN

PlayDapp

Read

Although analysts expect Coinbase revenue for Q4 2023 to be up 40% from Q3, this did not stop ARK Invest from dumping $33.6 million worth of COIN shares. 
Shares of the U.S.-based cryptocurrency exchange <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a> (Nasdaq: COIN) have surged nearly 30% over the past week in anticipation of positive news from the company’s executives, who are scheduled to report fourth-quarter financial results. As of press time, COIN is trading at $160.3, a level last seen in late December 2023, according to Google Finance. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="883" height="540" src="https://crypto.news/app/uploads/2024/02/hsiudlfh.png" alt="Coinbase shares up 14% ahead of Q4 2023 earnings report - 27" class="wp-image-14248830">
 <figcaption class="wp-element-caption">
 COIN share price performance in USD | Source: Google Finance
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/coinbase-suspends-playdapp-token-trading-in-response-to-smart-contract-security-breach/"> Coinbase suspends PlayDapp token trading in response to smart contract security breach </a> 
Analysts at Messari <a href="https://messari.io/report/spoiler-alert-coinbase-q4-2023-revenue-estimates" target="_blank" rel="noopener">estimate</a> Coinbase revenue for Q4 2023 to be $866 million, growing by 40% from Q3, attributing the estimate to “Coinbase’s strong execution over the bear market.” Meanwhile, Zacks Investment Research <a href="https://finance.yahoo.com/news/analyst-projections-key-metrics-reveal-141609218.html" target="_blank" rel="noreferrer noopener">says</a> analysts on Wall Street project Coinbase revenues to reach $731.94 million, increasing 16.3% from the same quarter in 2022. 
Despite the optimistic outlook, <a href="https://crypto.news/tag/ark-invest/" target="_blank" rel="noreferrer noopener">ARK Invest</a> opted to sell over 214,000 COIN shares (amounting to more than $30 million) from three different funds, as per an emailed trading report. This move marks the firm’s first selling activity since January of this year. 
The surge in shares coincides with two significant milestones achieved in early 2024: the <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noreferrer noopener">approval</a> of spot Bitcoin exchange-traded funds (<a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">ETFs</a>) and Bitcoin’s <a href="https://crypto.news/bitcoin-50000-etf-net-assets/" target="_blank" rel="noreferrer noopener">recent performance</a>. 
Regarding the former, Coinbase serves as the custodian for eight of the 11 approved Bitcoin ETFs, which has led analysts to be bullish on the exchange’s revenue prospects in the short term, as Coinbase charges 0.2% to custody assets for ETF clients. 
Concerning the latter, Coinbase is included in a basket of crypto-friendly companies that tend to correlate with Bitcoin’s price performance. As previously <a href="http://Bitcoin miner Marathon shares up 23% despite 42% production plunge" target="_blank">reported</a> by crypto.news, the positive movement of BTC has already driven up shares of many crypto miners, despite their negative production reports. 
 Read more: <a href="https://crypto.news/coinbase-a16z-ripple-pour-millions-into-fairshake-crypto-lobbying-group/"> Coinbase, a16z, Ripple pour millions into Fairshake crypto lobbying group </a>

Coinbase shares up 14% ahead of Q4 2023 earnings report

crypto.news

Other articles published on Feb 15, 2024

BlockDAG Network Gears up With 50x ROI While Cardano and Solana Get Ready for the Next Bull Run

Bitcoin Breaks $52,000 Barrier with High Investor Expectations

Bonk Meme Coin Price Prediction – Potential Revolut Listing Fuels 33% Surge in BONK’s Price

Moonbeam, Animo join forces to advance Web3 gaming

Solana Hit by Previously Detected Loop Bug; Shiba Inu Contender, Captures Attention of Significan...

BONK Price Surge After Revolut Eyes Listing: Will This Ignite Memecoin Rally?

Join our free newsletter for daily crypto updates!