Coinbase Stock Rises Ahead of Tuesday’s Earnings Report

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.

Bitcoin Bets: Coinbase, MicroStrategy and Riot Blockchain

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 Report and e-commerce back-end provider Shopify (SHOP) – Get Report.