Funds managed by ARK Invest have liquidated a total of $26.3 million in shares of crypto exchange Coinbase in what was the third sale in a week.
The sales reportedly went as follows: the ARK Innovation ETF reportedly sold 127,266 shares, the ARK Next Generation ETF 44,784 shares and the ARK Fintech Innovation ETF 76,788 shares.
Apparently, the company has made the decision to make the sale as a result of the additional increase in the exchange's capitalization due to the reassessment of its prospects following the verdict in the SEC proceedings against fintech firm Ripple.
Last July 13, the Southern District of New York court ruled programmatic sales and other distributions of the XRP token do not constitute an offering or the implementation of investment contracts. The case has been pending since December 2020.
The company's CEO, Catherine Wood, has said the move is "simply taking profits and redeploying capital into underperforming shares."