The third-biggest stakeholder of the largest cryptocurrency exchange in the United States sold roughly $75 million worth of more than 1.41 million shares.
Cathie Wood is departing from Coinbase (COIN) after accumulating shares of the cryptocurrency exchange progressively over the course of the year.
Cathie Wood’s investment business, Ark Invest, sold more than 1.4 million Coinbase Global (COIN) shares on Tuesday, according to the company’s daily trade report.
ARK sold almost $75 million worth of three of its exchange-traded funds on Tuesday, according to the company’s daily trading report. Wood’s flagship Ark Innovation ETF (ARKK) sold for around $1.1 million, accounting for the majority of the selling.
The decision shows Wood’s faith in Coinbase may have waned as the biggest U.S. cryptocurrency exchange contends with steep losses in its share price amid a larger decline in digital assets, a broader halt in growth, and a standoff with the SEC.
Bloomberg data reveals that ARK Invest was the third-largest shareholder at the end of June. However, Wood’s company has now sold Coinbase for a record low price of $53 per share, after purchasing the stock at an average price of over $255, throwing yet another damage to ARK’s troubled roster of actively managed funds.
Year-to-date, the popular ARK Innovation Fund has lost more than fifty percent.
As ARK reduced its stake in COIN, it made an investment in e-commerce giant Shopify (SHOP) on Tuesday, after a 14 percent decline in COIN shares following the company’s disclosure of a 10 percent reduction in its worldwide workforce.