A day before the cryptocurrency exchange was scheduled to release its fourth-quarter earnings, on Wednesday, ARK Invest, the investment entity headed by Cathie Wood, sold Coinbase (COIN) stock for the first time in over a month.
An emailed daily trading report states that ARK sold shares worth $34.3 million from three distinct funds. It last disclosed selling the stock on January 11.
Since then, Coinbase, the only cryptocurrency exchange registered in the United States, has increased by 19%. Yesterday, the share price of Coinbase increased by 14% to $160.38 as bitcoin (BTC), the largest cryptocurrency by market capitalization, broke above $52,000. During the same time frame, the Nasdaq Composite stock index increased by 5.9%.
Because of the surge in the cryptocurrency market, the exchange is anticipated to disclose results after the market closes today with higher earnings and revenue. The cryptocurrency-focused trading platform Robinhood announced a 10% rise in revenue from cryptocurrency during the quarter.
The investment business divested 31,459 shares from the Next Generation Internet ETF (ARKW), 152,600 shares from the Innovation ETF (ARKK), and 30,009 shares from the Fintech Innovation ETF (ARKF).