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Fund manager Cathie Wood and her ARK Invest Management firm sold millions in Tesla stock on Thursday and loaded up on shares of Coinbase as the crypto exchange stock tumbled after receiving a Securities and Exchange Commission warning.

Wood unloaded a total of 139,642 Tesla shares on Thursday, according to a Thursday night investor update, worth $26.84 million based on the closing price of 192.22. The firm sold 119,630 shares from its ARK Innovation ETF and 20,012 shares from the ARK Next Generation Internet ETF.

The sale ended a Tesla buying streak for Wood. ARK added $12.6 million in Tesla stock on March 8 after snatching up 1.3 million shares in December and January, according to Barron's data. Tesla shares on Thursday closed up 5.5% higher than their March 8 closing price, and 1% below their close from Dec. 1. Tesla stock is up 56% so far this year.

Meanwhile, ARK Invest added 268,928 shares of Coinbase, worth $17.83 million based on Thursday's closing price of 66.30. ARK added 230,599 shares to ARKK and 38,329 shares to ARKW, respectively.

COIN stock unraveled 14% on Thursday after the company announced it received a Wells Notice from the SEC late Wednesday, a warning that the regulator intends to recommend enforcement action for potential securities violations. Coinbase and its executives remain adamant their products comply with regulations.

On March 21, Wood sold 160,887 shares of Coinbase from the ARK Fintech Innovation ETF to mark ARK's first COIN stock sale of the year.

COIN stock slid another 4.5% premarket Friday. Coinbase shares had catapulted 97% year-to-date as of Thursday's close. But rattled by crypto panics, Coinbase stock remains well below its all-time-high of 368.90 from Nov. 9, 2021.

Wood and ARK also purchased 320,557 shares of payment processor Block, worth $19.84 million based on Thursday's close of 61.88. SQ stock slid 2.3% before the bell Friday.