ARK Invest sold 69,069 Coinbase (COIN) shares last Thursday, worth $14.8 million, before the exchange released its second-quarter earnings report. ARK’s selling activity on August 1 exceeded the amount of COIN ARK it has divested in the past two months.

The firm sold $2.88 million of the shares in June and $7.93 million in July. What it sold last Thursday is part of two ETFs it offers—the Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF).

The investment company has strict rules about the number of shares it accumulates to prevent a single asset from getting overly concentrated. Its ETF products do not comprise more than 10% of a single company’s share in value. COIN amounts to 9.69% of ARKF and 6.74% of ARKW, remaining a significant fixture in ARK’s funds.

Coinbase’s Q2 report revealed a whopping $1.4 billion in revenue, although profits were less than anticipated. However, its revenue doubled from this quarter last year and rose by 17% from Q1 2024. The firm’s vice president of international policy, Tom Duff Gordon, mentioned, “The performance seen over this quarter demonstrates the extraordinary progress we as a company have made toward driving regulatory clarity on a global scale.”

As ARK sold portions of its COIN stockpile, it invested in Canadian 3iQ ETH staking ETF (ETHQ.U). The fund allows investors to profit from ETH’s price movements while earning passive income from staking. 3iQ collaborates with Coinbase and Tetra Trust to make the staking integration possible.

ARK invested $21 million into the ETF, buying 1.7 million ETHQ.U shares. One million shares were allocated to the ARKW fund and the remaining to ARKF. The firm’s interest in this ETF arises from the significant growth it witnessed over the past year, rising by about 40% year-to-date (YTD).

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