ARK Invest Sold $14.8M of Coinbase Shares Thursday Ahead of the Exchange’s Earnings Report

Cathie Wood’s investment company ARK Invest sold $14.8 million worth of crypto exchange Coinbase (COIN) shares on Thursday, the biggest single-day divestment since May 7, ahead of the exchange’s second-quarter earnings announcement.
The divestment means the company sold more Coinbase shares on the first day of August than in the previous two months combined. It sold $2.88 million of the shares in June and $7.93 million in July.
After the market closed, Coinbase reported second-quarter revenue that beat Wall Street analysts’ expectations. Profit, however, came in lower than the consensus. The exchange’s shares, which fell 5.2% to $212.64 during regular trading, rallied briefly after the report and were little changed in pre-market trading.
ARK sold a total of 69,069 COIN shares across its Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF). The company’s share sales are often made out of necessity, to keep within its own exposure guidelines that avoid one holding accounting for more than 10% of an ETF’s total weighting. COIN accounts for 6.74% of ARKW and 9.69% of ARKF.
Read More: Coinbase Asset Management Plans Tokenized Money-Market Fund, a Hot Area After BlackRock’s BUIDL Success: Sources
Edited by Sheldon Reback.

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Jamie Crawley is a CoinDesk news reporter based in London.