Ark funds sold about 1.41 million Coinbase shares on Tuesday

Kathy Wood-managed funds have sold Coinbase Global Inc. stock for the first time this year. Amid reports that the largest cryptocurrency exchange in the United States is under investigation

Coinbase shares plunge 21% amid reports of SEC investigation

According to Bloomberg, Ark Investment Management LLC’s funds sold just over 1.41 million shares, valued at approximately $75 million at Tuesday’s close, while the company’s flagship Ark Innovation ETF sold 1.13 million shares.

On Tuesday, Coinbase Global lost about a fifth of its value as the crypto exchange faced a US investigation into whether it legally allowed Americans to trade digital assets that should have been registered as securities.

Ark was the company’s third-largest shareholder at the end of June, with approximately 8.95 million shares, and the platform’s share purchases have been made since its debut in 2021.