Cathie Wood’s money managing firm Ark Invest on Wednesday sold more shares in Coinbase Global Inc as the largest U.S. cryptocurrency exchange's stock continued to fall weeks after reporting third quarter results that fell short of investors' expectations.
Ark Invest sold 17,026 shares — estimated to be worth $5 million based on the latest closing price — in Coinbase.
Coinbase shares closed 6.51% lower at $294.50 a share on Wednesday. The stock has plummeted 12.4% in the past one month.
Coinbase CEO Brian Armstrong reminded investors three weeks ago at the earnings call conference that the company is focused on long-term growth instead of a quarter-to-quarter investment as it grows the cryptocurrency economy.
The company reported that Bitcoin was 19% of trading volume in the third quarter, compared to 24% in the second quarter.EthereumETHwas 22% of trading volume in the third quarter, compared to 26% in the second quarter.
Ark Invest sold the COIN shares via the Ark Fintech Innovation ETF on Wednesday. It also owns the stock via the Ark Innovation ETF and the Ark Next Generation Internet ETF.
Ark Invest has been selling shares inCoinbasesince Oct. 12, after months of piling up shares in the U.S. cryptocurrency exchange's stock after its direct listing on NASDAQ in April this year.
The popular managing firm still held 5.23 million shares — worth $1.65 billion — in Coinbase via the three ETFs ahead of Wednesday’s trades.
Here are a few of the other key trades for Ark on Wednesday:
- Bought 165,622 shares — estimated to be worth $33.74 million — in Zoom Video Communications Inc on the dip. Stock closed 6.48% lower at $197.71 a shrew on Wednesday.
- Sold 1,992 shares — estimated to be worth $6.85 million — in Amazon.com Inc. Stock closed 1.81% lower at $3,443.72 a share on Wednesday.