Cathie Wood-LED ARK Investment Management has bought 213,519 shares of Coinbase Global Inc COIN at an estimated valuation of over $13 million based on Wednesday’s close as the cryptocurrency exchange platform reported upbeat quarterly results.

The purchase was made through ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.

Also read: How to buy Coinbase (COIN) shares

Coinbase shares are up over 82% this year as cryptocurrencies recover from a terrible 2022. Bitcoin BTC/USD has gained over 45% since January ether ETH/USD has increased by over 36%.

Coinbase after market close on Tuesday reported fourth quarter revenue of $629.1 million, ahead of Street’s estimate of $586.2 million. The company has forecast subscriptions and services revenue to be between $300 million and $325 million in the first quarter.

“We enter 2023 with a focus on cost management, efficiency and a goal to improve full-year Adjusted EBITDA,” the company said. “Crypto remains volatile and we have limited ability to forecast our transaction earnings that continue to correlate with it Crypto Market Cap and Crypto Asset Volatility.”

Interestingly, famous short seller Jim Chanos He reportedly stated that the company was tight as it wasn’t appear to have sustainable sources of income.

Coinbase’s daily chart shows stock trading with a descending wedge pattern. The stock may remain within this short range for some time occur before an outbreak or collapse occurs.

Main sale: Wood’s funds have sold over 207,000 shares in the sports betting company DraftKings Inc DKNG with an estimated value of over 4 million US dollars.

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