ARK Invest Sells Coinbase And Buys Bullish Shares

ARK Invest, the asset manager led by prominent Bitcoin bull Cathie Wood, has shifted from buying to selling Coinbase stock, as the shares dipped 13% and hit multi-month lows.

On Thursday, ARK offloaded 119,236 Coinbase (COIN) shares, valued at roughly $17.4 million, according to a trade filing seen by Cointelegraph.

The sale comes just a day after a modest 3,510-share ($630,000) purchase on Tuesday, following a series of buys at higher prices earlier in 2026.

This marks ARK’s first Coinbase sale of 2026 and its first since August 2025, signaling a shift in trading strategy. The cryptocurrency exchange’s stock is down around 37% year-to-date, according to Nasdaq data.

ARK sold Coinbase and bought Bullish

ARK spent almost the same amount it dumped in Coinbase shares to acquire 716,030 shares ($17.8 million) in Bullish (BLSH), an institution-focused digital asset platform that listed on the New York Stock Exchange in August 2025.

Since the trading launch, Bullish shares had slumped more than 60% to $24.9 on Thursday’s close, according to NYSE data.

An excerpt from ARK’s trade notification for Thursday. Source: ARK

Related: BlackRock’s IBIT hits daily volume record of $10B amid Bitcoin crash

ARK was one of the largest buyers of Bullish’s IPO, alongside investment giant BlackRock.

ARK holds $312 million in Coinbase stock

ARK’s latest Coinbase sale comes amid a sharp crypto market pullback, with Bitcoin (BTC) dipping below $70,000 on Thursday to briefly touch $60,000 on Friday.

For ARK, a major backer of Coinbase during tough market conditions, the move marks a notable reversal.

Coinbase shares have slumped around 37% year-to-date. Source: TradingView

To date, ARK still holds $312 million in Coinbase shares across its three funds — the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), with COIN representing 3.7%, 3.4%, and 4.95% of each fund, respectively.

Since its April 2021 trading debut, Coinbase stock has fallen about 60%, from an opening price of $381, according to Nasdaq data.

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