Tiger Global Exited Coinbase Stake Late Last Year, Filing Shows

Investment firm Tiger Global Management sold its stake in crypto exchange Coinbase (COIN) late last year, according to a Wednesday regulatory filing.

Tiger Global’s 13F filing with the U.S. Securities and Exchange Commission showed that it held no Coinbase shares as of Dec. 31. Three months earlier, it had 38,850 shares worth $2.9 million at the time, according to a previous filing.

The sales followed a more than 400% rally in Coinbase (COIN) shares as crypto emerged from a deep bear market.

Read more: Coinbase to Report Strong Earnings, ETF Benefits May Surprise Wall Street, Analysts Say

Tiger Global was a key investor in Coinbase before its public listing, leading the exchange’s $300 million series E funding round in October 2018.