ARK Sells Coinbase Stakes to Buy 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…
Cathie Wood’s ARK Invest shifted tactics this week, selling a stake in Coinbase and using the proceeds to buy shares of Bullish. According to a trade filing, ARK sold 119,236 Coinbase (COIN) shares on Thursday, worth about $17.4 million. That sale followed a small 3,510-share purchase earlier in the week (about $630,000) and a string of buys earlier in 2026. It was ARK’s first Coinbase sale of 2026 and its first disposal of the stock since August 2025. Coinbase’s shares are down roughly 37% year-to-date, per Nasdaq data.
Nearly the same amount from the Coinbase sale was redeployed into 716,030 Bullish (BLSH) shares, a transaction valued at about $17.8 million. Bullish, an institutional digital-asset platform that listed on the NYSE in August 2025, has fallen more than 60% since its trading debut and closed at $24.90 on Thursday, per NYSE data. ARK was among the largest buyers in Bullish’s IPO alongside BlackRock.
The trades come amid a broader cryptocurrency pullback: Bitcoin slipped below $70,000 on Thursday and briefly touched $60,000 on Friday. Despite the Coinbase sale, ARK still holds about $312 million in Coinbase across its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF). COIN now represents roughly 3.7% of ARKK, 3.4% of ARKW and about 4.95% of ARKF. Since Coinbase’s April 2021 debut, the stock has fallen roughly 60% from its $381 opening price, according to Nasdaq.
