Bitcoin bull Cathie Wood's company Ark Invest has long amassed Coinbase and Robinhood shares.
So much so that the declines after the SEC's lawsuit against Coinbase worried some investors, while investors such as Cathie Wood saw the declines as an opportunity and continued their purchases.
However, evaluating the rise in Coinbase stock in July, Ark Invest sold shares with Coinbase stock price reaching the highest level of the year with $114.43.
Continuing its share sales, Ark Invest sold 1,055 Coinbase shares worth approximately $105K, BusinessInsider reported.
Ark Invest also sold Robinhood stock for the first time, apart from Coinbase stock. Accordingly, the company sold 373,175 shares of Robinhood worth $4.8 million.
Ark Invest's continued sale of Coinbase shares preceded Coinbase's second-quarter financial results to be announced on August 3.
Analysts, evaluating the sales at this point, stated that due to the quarter report of Ark Invest's share sales, the crypto market hinted that there will be a downward trend in the coming weeks.
As it is known, Ark Invest had collected Coinbase shares for a long time.
*Not investment advice.