Here's why Ark Invest is selling Coinbase shares

In three parts, investment firm Ark Invest is selling shares of Coinbase (COIN) for a total of $85 million. The sale puts the company, led by economist Cathie Wood, near COIN's highest point of the year.

At the time of writing, the stock is quoted $104. By comparison, the stock was quoted $38 at the beginning of the year. Before the sale, Ark Invest was one of Coinbase's largest shareholders ever. Despite the sale, the company said its belief in Coinbase stock remains intact. "We are still very positive about Coinbase," Wood told business magazine Bloomberg. Wood added: "Especially in light of the court ruling in favor of Ripple."

With the free money, she said, Ark now plans to invest in other projects, including processor maker Teradyne and Danish robotics company Universal Robots. Ark is also enthusiastic about artificial intelligence, she said. However, the CEO did not say which AI companies Ark supports.