Katherine Wood's ARK Invest fund sold 1.41 million shares of the Coinbase exchange. The average purchase price for COIN shares was $254.65, and the sale price was 20% of the purchase price of $53. The net loss from the transaction was $285 million.
The sales involved three funds: the ARK Innovation ETF (ARKK), the Next Generation ETF (ARKW) and the Ark Fintech Innovation ETF (ARKF). At the end of 2022, they showed the worst return dynamics: according to Unusual Whales, the fintech fund fell 54.76%, the "next generation" companies gave -50.5%, and innovation gave -48%.
Experts concluded that even a random set of stocks from related sectors of the economy would have yielded higher returns for investors than ARK.
