Cathie Wood’s ARK Fintech Innovation exchange-traded fund sold about 404,000 Silvergate shares on Thursday, reducing the ETF’s holdings by more than 99%, according to Bloomberg data. The fund's remaining holdings are fewer than 4,000 shares worth about $43,000, or just 0.01% of the fund's total portfolio.

Yesterday, Silvergate's preliminary results for the fourth quarter showed that the company's total customer deposits fell from $11.9 billion to $3.8 billion, and it was forced to sell a quarter of its assets at a huge loss. And lay off 40% (about 200 employees). Its stock price fell below the issue price of US$12 yesterday, a drop of more than 45%.