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.