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

As a seasoned researcher with years of experience under my belt, I find it intriguing to observe the strategic moves made by influential players like Cathie Wood and her company ARK Invest. The recent sale of $14.8 million worth of Coinbase (COIN) shares in one day, despite the upcoming second-quarter earnings announcement, is a move that raises eyebrows.

On Thursday, ARK Invest, led by Cathie Wood, offloaded approximately $14.8 million in Coinbase (COIN) stocks – the largest one-day sale since May 7 – prior to the release of Coinbase’s second-quarter financial results.

In August’s opening day, the company offloaded a greater number of Coinbase shares compared to the total from the past two months. Specifically, they disposed of approximately $10.81 million worth of shares between June (around $2.88 million) and July (approximately $7.93 million).

In my research findings post-market hours, I reported that Coinbase surpassed Wall Street analysts’ expectations for second-quarter revenue. However, profits fell short of the predicted consensus. During normal trading, Coinbase shares dipped by 5.2%, landing at $212.64. Post-report release, there was a momentary rally in share prices but they remained relatively unchanged during pre-market trading.

Ark has disposed of a combined 69,069 shares of COIN across its Next-Gen Internet ETF (ARKW) and Fintech Innovation ETF (ARKF). The company typically sells shares for reasons related to adhering to its own guidelines, which limit a single holding’s influence over an ETF to less than 10% of the total weight. Currently, COIN makes up 6.74% of ARKW and 9.69% of ARKF.