In a significant maneuver, ARK Invest, the financial institution steered by Cathie Wood, divested $14.8 million in Coinbase (COIN) shares on Thursday, marking the largest single-day liquidation since May 7, in anticipation of the exchange’s second-quarter earnings revelation.

This strategic divestiture indicates that ARK Invest offloaded more Coinbase shares on the initial day of August than in the preceding two months combined, having previously divested $2.88 million in June and $7.93 million in July.

Subsequent to the market’s closure, Coinbase unveiled its second-quarter revenue, which surpassed the projections of Wall Street analysts, though profits fell short of consensus expectations. The shares of Coinbase, which had experienced a 5.2% decline to $212.64 during regular trading hours, experienced a brief surge post-report, stabilizing in pre-market trading.

ARK Invest divested a cumulative 69,069 COIN shares across its Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF). These transactions are frequently executed to maintain compliance with the firm’s internal exposure guidelines, which prevent any single holding from exceeding 10% of an ETF’s total weighting. Currently, COIN constitutes 6.74% of ARKW and 9.69% of ARKF.