ARK Invest, led by Cathie Wood, shifted from buying to selling Coinbase (COIN) stock as shares fell about 13% to multi-month lows. On Thursday ARK sold 119,236 Coinbase shares, roughly $17.4 million, according to a trade filing. The sale followed a small 3,510-share ($630,000) purchase on Tuesday and a series of earlier buys in 2026. It is ARK’s first Coinbase sale of 2026 and its first since August 2025. Coinbase stock is down about 37% year-to-date, per Nasdaq data.
Nearly the same amount from the Coinbase sale was used to buy 716,030 shares ($17.8 million) of Bullish (BLSH), an institutional digital-asset platform that listed on the NYSE in August 2025. Bullish shares have tumbled more than 60% since their trading debut, closing at $24.90 on Thursday, per NYSE data. ARK was among the largest buyers in Bullish’s IPO alongside BlackRock.
The move comes amid a broader crypto market pullback, with Bitcoin dipping below $70,000 on Thursday and briefly touching $60,000 on Friday. Despite the sale, ARK still holds about $312 million in Coinbase shares across its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). COIN represents roughly 3.7% of ARKK, 3.4% of ARKW, and 4.95% of ARKF. Since Coinbase’s April 2021 trading debut, the stock has fallen roughly 60% from its opening price of $381, according to Nasdaq.
