NEW YORK (Reuters) – Jupiter Asset Management, Azora Capital LP and billionaire Jon Yarbrough’s family office were among funds that sold all of their stakes in cryptocurrency company Coinbase (NASDAQ:COIN) Global Inc before the company fell nearly 30% to record lows in early May, according to filings released on Monday.
But over the same period – the quarter ended March 31 – Cathie Wood’s ARK Innovation fund continued to add to its position in Coinbase, the filings showed.
Coinbase, the largest crypto exchange in the United States, tumbled after the company missed earnings estimates and reported declining trading volumes as the value of bitcoin fell near 17-month lows. Shares of the company fell 3.6% on Monday and are now down 74% for the year to date.
Jupiter Asset Management sold 73,441 shares of the company in the quarter that ended March 31, while Azora Capital sold 43,290 shares and Yarbrough Capital sold 16,968, according to securities filings.
Tiger Global, meanwhile, cut its stake by approximately 70%, leaving it with 836,597 shares in the company.
Securities filings known as 13-Fs are one of the few public ways to see what hedge funds and other institutional investors hold in their portfolios, though they are backward-looking and do not reveal current positions.
ARK Innovation, the ETF run by Wood, added slightly more than 1.5 million shares of Coinbase during the quarter, the most of any fund, according to securities filings. The fund owned slightly less than 7 million shares at the end of March. Shares of the company make up its 10th-largest position.
