Anna Nikolayevsky Is Selling Off Roblox and These 4 Stocks

3. Coinbase Global, Inc. (NASDAQ:COIN)

Former Value of Axel Capital Management‘s 13F Position: $11.11 million

Number of Hedge Fund Shareholders (as of March 31): 46

Axel Capital Management sold off nearly half of its Coinbase Global, Inc. (NASDAQ:COIN) position during Q4 of 2021 and unloaded its remaining 44,000 shares during Q1. Overall hedge fund ownership of COIN slumped by 19% during Q1.

With the crypto market hitting a rough patch and activity on its digital NFT marketplace stagnating, Coinbase Global, Inc. (NASDAQ:COIN) has had to significantly alter its planned growth trajectory. The company, which at one point planned to triple its workforce in 2022, announced a hiring freeze and even the rescinding of job offers in May. This month it went a major step further, slashing 18% of its workforce.

Coinbase Global, Inc. (NASDAQ:COIN)’s profitability fell off a cliff during Q1, as net income fell by more than $1 billion year-over-year, amounting to a loss of $430 million. Things project to be even worse in Q2, despite the layoffs, as the crypto market has cooled even further. While COIN shares are down by 80% over the past six months, shares are likely to fall further until the crypto market rebounds considerably.