Jupiter, Yarbrough Among Investors Who Sold Coinbase Before Big Fall

According to records posted on Monday, Jupiter Asset Management, Azora Capital LP, and billionaire Jon Yarbrough's family office were among the funds who sold all of their shares in cryptocurrency business Coinbase Global Inc before the company plunged over 30% to record lows in early May.

Cathie Wood's ARK Innovation fund, on the other hand, continued to add to its holding in Coinbase over the same time - the quarter ending March 31 – according to the disclosures.

Coinbase, the biggest cryptocurrency exchange in the United States, slumped after missing profit projections and reporting lower trading volumes as bitcoin's value plunged to 17-month lows. The company's stock dropped 3.6 percent on Monday, bringing its year-to-date loss to 74 percent.

According to regulatory filings, Jupiter Asset Management sold 73,441 shares of the business in the quarter ended March 31, while Azora Capital sold 43,290 shares and Yarbrough Capital sold 16,968.

Meanwhile, Tiger Global reduced its position in the business by around 70%, leaving it with 836,597 shares.

Though they are backward-looking and do not indicate current holdings, securities filings known as 13-Fs are one of the few public methods to view what hedge funds and other institutional investors own in their portfolios.

According to regulatory filings, ARK Innovation, Wood's ETF, added slightly more than 1.5 million shares of Coinbase during the quarter, the largest of any fund. At the end of March, the fund had little less than 7 million shares. The company's stock has the tenth greatest position.