As per Cathie’s ARK’s daily investors update revealed that on Wednesday the 22nd, they acquired 213,519 shares of COIN (Coinbase) stock across their funds, with a total value of over $13 million based on the closing price of 61.18. The majority of these shares were allocated to the ARK Innovation ETF (ARKK), with 181,972 shares, while the Next Generation Internet ETF (ARKW) received 31,647 shares. Additionally, ARK purchased 22,845 shares of Recursion Pharmaceuticals (RXRX) valued at $181,389 for their ARK Genomic Revolution ETF (ARKG).
In contrast, ARK sold a total of 7,257 shares of Nvidia (NVDA), which was worth $1.5 million, and 207,747 shares of DraftKings (DKNG) valued at over $4 million by Thursday’s market close.
It is worth noting that Wednesday’s COIN stock acquisition was ARK’s most significant Coinbase investment this year, surpassing their purchase of 162,325 shares worth roughly over $9.26 million on Feb. 11th.
Coinbase Earnings :
After the market closed on Tuesday, Coinbase released its Q4 earnings report. The cryptocurrency exchange revealed $629 million in revenue, exceeding Refinitiv analysts’ estimate of $590 million. However, the company experienced a slight drop in monthly transacting users (MTUs), with 8.3 million users in Q4 compared to 8.5 million in the previous quarter.
Coinbase is aiming to double its subscription and services revenue for the first quarter, with a projected target of $300 million to $325 million.
As the impact of the “crypto winter” continued to weigh on the price of cryptocurrencies, the company’s revenue plummeted by almost 75% from the previous year. Additionally, Coinbase reported a net loss of $557 million, without any adjustments made, in contrast to the $840 million net income generated during the peak of crypto adoption a year earlier.
The company’s focus on diversifying its revenue streams beyond trading fees has resulted in subscription and services taking center stage. In Q1 2023, Coinbase forecasts subscription and services revenue of $300 million to $325 million, along with approximately $150 million in restructuring expenses. The company’s efforts to expand its offerings, including Staking, Earn, and Custody, have shown promise, generating over $200 million in the fourth quarter.
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