The three funds run by Cathie Wood at Ark Investment Management sold more than 1.4 million shares of Coinbase Global (COIN) on Tuesday, according to an email sent by the company on Wednesday about its daily trading.
Almost three months have passed since Ark bought more than 500,000 shares in May.
On Tuesday, Coinbase’s stock fell by 21.08 percent to $52.93. Based on Tuesday’s closing price, the value of the shares that were sold would be more than $75 million. During trading after regular business hours, Coinbase shares went up 5.72 percent to $55.96.
The ARK Innovation Exchange-Traded Fund (ETF), or AARK, sold 1,133,495 COIN shares, which is 0.6833 percent of the fund’s total investments.
ARK Next Generation Internet ETF (ARKW) sold 174,611 shares, which is 0.6768 percent of the total number of shares in the fund’s portfolio.
The ARK Fintech Innovation ETF, or ARKF, sold 110,218 shares, which is 0.6793 percent of the total number of shares in the fund.
Coinbase’s Q1 sales were lower than expected because the number of trades went down, and the company’s shares fell almost 16 percent.
Coinbase digital shares went from over $400 on the first day of trading in 2021 to as low as $40.30 at one point as user transactions dropped and the US Securities and Exchange Commission looked into the company for letting Americans trade in tokens that should have been registered as securities.
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