Coinbase’s stock surges by 14% as Q4 2023 earnings report approaches.

ARK Invest has sold $33.6 million worth of shares in Coinbase, despite expectations of a 40% increase in the company’s Q4 2023 revenue. The U.S.-based cryptocurrency exchange’s shares have risen by almost 30% in the past week, reaching a level not seen since December 2023. Analysts at Messari estimate that Coinbase’s Q4 revenue will be $866 million, while Zacks Investment Research predicts revenues of $731.94 million. The surge in shares is attributed to the recent approval of spot Bitcoin exchange-traded funds and Bitcoin’s strong performance. Coinbase serves as the custodian for eight of the approved Bitcoin ETFs and charges 0.2% to custody assets for ETF clients.