Bitcoin ETF

COIN

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 Coinbase (COIN) shares surged after the U.S.-based crypto exchange achieved better-than-expected fourth-quarter earnings and revenue.
 Coinbase earned $1.04 per share in the last quarter, substantially higher than the average estimate of $0.02 per share by analysts, according to FactSet data. It also exceeded analysts’ revenue forecast of $826.1 million after it posted $953.8 million in revenue, it said.
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 <noscript><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/16/413c6e9e9b5b3c48d6c2dc6660b7f3a8.webp" alt="Cryptocurrency Titan Coinbase Providing “Geo Tracking Data” to ICE">
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 Coinbase shares have soared 15.5% in the past 24 hours to trade at $191.72 as of 11:15 a.m. EST. They’re up almost 36% in the past five days.
 <h2 id="span-style-font-weight-400-cathie-wood-s-ark-invest-sells-coin-shares-during-portfolio-adjustment-span">Cathie Wood’s ARK Invest Sells COIN Shares During Portfolio Adjustment</h2>
 Coinbase’s stellar share performance prompted Cathie Wood-led Ark Invest to take profits as part of a portfolio adjustment. The firm sold a total of 162,762 COIN shares for approximately $26.7 million through its flagship ARK Innovation ETF and ARK Genomic Revolution ETF.
 Ark Invest also decreased its exposure to the booming AI sector after it sold shares in Nvidia Corporation and Alphabet Inc, which are both pivotal players in the ongoing AI frenzy. THe company sold 4,671 Nvidia shares through ARK Autonomous Technology &amp; Robotics ETF and ARKG.
 <h2 id="span-style-font-weight-400-bitcoin-etf-buildup-leads-to-increased-trading-volume-on-coinbase-span">Bitcoin ETF Buildup Leads To Increased Trading Volume On Coinbase</h2>
 Coinbase saw a 100% uptick in trading volume from the third to the fourth quarter of 2023 as crypto prices started rallying in anticipation of spot Bitcoin ETF (exchange-traded fund) approvals in the United States. The exchange platform’s fourth-quarter volume amounted to $154 billion, which was also ahead of the estimate of $142.7 billion.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Our Q4'23 and full-year 2023 update is in.
 Read the full shareholder letter and tune into our earnings call: https://t.co/fod43YZKqw pic.twitter.com/DJ2NhFyfdU
 — Coinbase 🛡️ (@coinbase) February 15, 2024
 </blockquote>
 
 Vice president of investors relations Anil Gupta told CoinDesk that the ETFs are a “win-win for Coinbase.” It provides custody services to 8 out of the ten new spot Bitcoin ETFs, and although custody is “a relatively small part of the business,” Gupta said that ETFs are “invigorating the entire sector.’’ 
 This has resulted in “a lot of activity and engagement on the platform,” he said.
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Coinbase Shares Surge After Beating Earnings Forecasts As Cathie Wood’s Ark Invest Takes Profits

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