Coinbase Global Inc (NASDAQ: COIN) hit a new low, below its public listing price, of $250.51 on May 6 but bulls bought the dip.

Now it looks as though bulls are anticipating a positive reaction to an earnings beat and bet over $1.6 million shares of Coinbase are headed higher. Coinbase is set to print its earnings on May 13 after the closing bell.

Cathie Wood also thinks there’s money to be made in Coinbase and on Monday sold about $11.1 million worth of Apple Inc (NASDAQ: AAPL) shares, through her ARK Innovation ETF (NYSE: ARKF), and purchased about $9.77 million worth of Coinbase’s stock.

The Coinbase Options Trades: Below is a look at the notable options alerts, courtesy of Benzinga Pro:

• At 10:12 a.m., Tuesday a trader executed a call sweep, near the mid-point, of 788 Coinbase options with a $295 strike price expiring on May 14. The trade represented a $556,328 bullish bet for which the trader paid $7.06 per option contract.
• At 10:12 a.m., a trader executed a call sweep, near the ask, of 237 Coinbase options with a $295 strike price expiring on May 14. The trade represented a $165,900 bullish bet for which the trader paid $7.00 per option contract.
• At 12:05 p.m., a trader executed a call sweep, near the ask, of 600 Coinbase options with a $340 strike price expiring on May 21. The trade represented a $282,000 bullish bet for which the trader paid $4.70 per option contract.
• At 12:40 p.m., a trader executed a call sweep, near the ask, of 420 Coinbase options with a $295 strike price expiring on May 14. The trade represented a $596,400 bullish bet for which the trader paid $14.20 per option contract.

Why It’s Important: When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.

These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.

COIN Price Action: Shares of Coinbase closed up 3.2% to $303.