Cathie Wood's Ark Invest sells Coinbase shares en masse

Just before Coinbase's quarterly earnings announcement, Ark Invest decides to take big profits on their COIN positions. What's going on?

Cathie Woods crypto-investment firm Ark Invest has decided to spin off shares from their Coinbase portfolio. Through the ARK Next Generation Internet ETF (ARKW), 12,077 COIN shares were sold.

According to data from TradingView ARK Invest sold these shares for a price of $224. With this, the company is taking in a total of $2.7 million.

The reasons for the sale are unknown. However, Coinbase is publishing their quarterly results tonight. It is quite possible that Ark Invest is expecting poor results. The last time the investment firm sold was on July 18, when they sold 16,758 COIN shares at a price of $257, generating net proceeds of $4.3 million.

The sell-off coincides with the moment when Bitcoin failed to break through the $70,000 resistance and then experienced a decline.

Coinbase and Bitcoin delivered very similar returns during this period (134 and 123 percent, respectively).