Cathie Wood’s investment management firm Ark Invest can resume buying Coinbase (COIN) shares after the crypto exchange’s earnings report on February 15, similar to the recent buying of commission-free trading app Robinhood Markets (HOOD) shares after the Q4 earnings report.
Cathie Wood’s Ark Invest Buys Robinhood Shares, Coinbase Next
On February 13, Cathie Wood’s Ark Invest purchased a total of 42,129 Robinhood Markets shares worth over 500K, as per trades seen by CoinGape. This is the first buy after Robinhood reported better-than-expected quarterly results for the quarter ended December 31.
ARK Innovation ETF (ARKK) bought 35,939 HOOD shares and ARK Next Generation Internet ETF (ARKW) purchased 6,190 HOOD shares.
Cathie Wood’s ARK funds stopped selling Robinhood and Coinbase shares after spot Bitcoin ETFs launched in January. Ark funds have continued accumulating Robinhood shares in recent weeks, considering better results.
HOOD price closed 1.42% lower at $11.84 on Tuesday, but the price jumped 10% after earnings. Robinhood Markets stock price is trading at $13.26, up almost 12% in pre-market hours on Wednesday.
CoinGape earlier reported that some experts believe Coinbase earnings may disappoint investors, but a surprise outcome could be expected amid a growing crypto market cap and trading. Coinbase expected EPS is $0.27 and revenue is $820.28 million.
Coinbase (COIN) price closed 4.70% lower at $140.39 on Tuesday. However, the stock price is trading nearly 7% higher at $150.17 in pre-market hours on Wednesday amid Bitcoin crossing $51K mark.
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Robinhood Reports Surprise Profit
Robinhood Markets witnessed a substantial 10% uptick in revenue to $43 million as compared to the previous year. This surge is largely credited to higher interest income from customers paying back loans, increased user engagement, and heightened trading volumes observed on the platform throughout the quarter.
The company reported a total fourth-quarter revenue of $471 million, surpassing the anticipated average analyst estimate of $454.7 million. Additionally, earnings per share soared to $0.03, surpassing expectations of a $0.01 loss per share.
Also Read: Bitcoin Tops $51K With Ethereum Surpassing $2.7K, Here’s Why
