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Coinbase Stock Rises Ahead of Tuesday's Earnings Report

The Coinbase analyst consensus compiled by Bloomberg is adjusted earnings of $2.44 a share on revenue of $1.88 billion. The crypto exchange reports Tuesday.
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Coinbase Global  (COIN)  rose Monday amid expectations for a strong second-quarter-earnings report from the biggest U.S. cryptocurrency exchange Tuesday.

The Bloomberg analyst consensus calls for second-quarter adjusted earnings per share of $2.44 on revenue of $1.88 billion.

For the third quarter, analysts predict adjusted EPS of $1.42 on revenue of $1.33 billion. For the full year the analysts project revenue of $6.17 billion.

Coinbase recently traded at $279.95, up 8%. The shares have risen 12% from its April IPO reference price of $250.

Market technician William Maloney wrote on Bloomberg that the stock breached key technical levels and that the next important price on the way up is $293.

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Meanwhile, Bitcoin rose 5% to $45,859 continuing its recent rally. The digital asset has soared 54% since dropping to $29,807 on July 19.

Last month, Cathie Wood-led ARK Investment Management shed shares in chipmaker Nvidia  (NVDA) - Get NVIDIA Corporation Report and e-commerce back-end provider Shopify  (SHOP) - Get Shopify, Inc. Class A Report

Ark shifted some of its capital into Coinbase amid a dip in the crypto exchange provider’s stock price.

Ark sold 785 shares of Nvidia, estimated to be valued at about $635,850, according to Business Insider. ARK also sold 16,034 shares of e-commerce company Shopify, estimated to be valued at about $24.3 million.

The investment firm snapped up 27,844 shares -- estimated value $6.77 million -- of Coinbase on the dip, according to reports. Share-purchase information comes from a subscription to ARK's daily trading information.

That purchase came less than three weeks after ARK added 214,718 shares of Coinbase.