Three funds of Cathie Wood’s Ark Investment Management sold a total of more than 1.4 million shares of Coinbase Global (COIN) on Tuesday, the firm said in its daily trading update email on Wednesday.
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The move comes almost three months after Ark bought more than half a million shares in May.
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On Tuesday, Coinbase shares closed down 21.08% at $52.93. After-hours trading showed a gain of 3.08% to $54.56.
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ARK Innovation Exchange-Traded Fund (ETF), or AARK, sold 1,133,495 COIN shares, or 0.6833% of the fund’s of the fund’s total investments.
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ARK Next Generation Internet ETF, or ARKW, sold 174,611, shares, or 0.6768% of the fund’s total investments.
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ARK Fintech Innovation ETF, or ARKF, sold 110,218 shares, or 0.6793% of its total fund investments.
Read more: Coinbase’s Q1 Revenue Misses Estimate as Trading Volume Drops, Shares Fall Almost 16%
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The plunge in the cryptocurrency market has seen Coinbase digital shares fall from a high of over $400 on its first day of trading in 2021 to as low $40.30 at one point, as user transactions declined and a report that that U.S. Securities and Exchange Commission is investigating the company for allowing Americans to trade in tokens that should have been registered as securities.
Read More: Ark Investment Funds Bought $246M Worth of Coinbase Shares on First Day of Trading
