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ARK Invest Sold $14.8M of Coinbase Shares Thursday Ahead of the Exchange's Earnings Report
Coinbase revenue beat Wall Street analysts' expectations, while profit came in lower than the consensus.
Updated Aug 2, 2024, 9:06 a.m. Published Aug 2, 2024, 9:04 a.m.
- ARK sold a total of 69,069 COIN shares on Thursday, the biggest single-day sale since May 7.
- Having sold only $2.88 million of COIN in June and $7.93 million in July, Thursday's sales mean ARK has sold more in one day than in the previous two months combined.
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.
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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.
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The decision allows Gemini’s affiliate to offer supervised event-contract markets to U.S. users, adding regulated forecasting tools as the firm expands its product lineup.
What to know:
- Gemini said its affiliate, Gemini Titan, received CFTC approval to operate as a Designated Contract Market.
- The firm stated that the license enables it to offer regulated prediction markets to U.S. customers.
- The Winklevoss twins praised the decision as aligning with President Trump’s push for U.S. leadership in the crypto sector.
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