TL;DR
- ARK sells $17.4M in Coinbase shares and buys $17.8M in Bullish stock.
- The sale marks its first reduction in Coinbase since August 2025.
- Despite the sale, ARK maintains substantial Coinbase exposure across its funds.
ARK Invest executed a major portfolio shift by selling $17.4 million worth of Coinbase shares while simultaneously buying $17.8 million in Bullish stock. The move signals a strategic repositioning as cryptocurrency markets face significant headwinds and exchange valuations collapse.
On Thursday, ARK offloaded 119,236 Coinbase (COIN) shares valued at roughly $17.4 million, according to trade filings reviewed by industry observers. The sale came just one day after ARK purchased 3,510 shares worth $630,000 on Tuesday, following a string of buys at higher prices earlier in 2026.
ARK’s first Coinbase sale of 2026 represents a notable departure from the firm’s buying pattern. The last time ARK sold Coinbase shares was August 2025. Coinbase stock has deteriorated sharply, falling around 37% year-to-date according to Nasdaq data. The exchange-traded shares have hit multi-month lows, reflecting broader struggles in the digital asset trading sector.
ARK deployed nearly identical capital to acquire 716,030 shares of Bullish (BLSH), an institution-focused digital asset platform that launched on the New York Stock Exchange in August 2025. The purchase totaled $17.8 million at current prices. Bullish shares have struggled since their trading debut, losing more than 60% to close at $24.9 on Thursday according to NYSE data.
Despite the recent sale, ARK maintains substantial exposure to Coinbase across its family of funds. The firm holds $312 million in Coinbase shares distributed across three vehicles: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Coinbase represents 3.7%, 3.4%, and 4.95% of each fund respectively.
Coinbase Shares Collapse From IPO Highs
Coinbase has faced persistent headwinds since going public. The cryptocurrency exchange debuted on Nasdaq in April 2021 at an opening price of $381 per share. Since that launch, Coinbase stock has fallen approximately 60%, reflecting the volatile nature of crypto trading volume and regulatory uncertainties surrounding digital asset platforms.
The sell-off accelerated recently as major institutional investors reassessed their crypto exposure. ARK’s shift away from Coinbase toward Bullish suggests the firm believes institutional adoption of digital assets will benefit specialized platforms over traditional exchanges. Bullish markets itself as an institution-grade platform serving professional traders and institutions seeking direct digital asset access.
Cathie Wood’s ARK has maintained its bullish stance on Bitcoin and cryptocurrency broadly. Yet the divergence in individual stock holdings demonstrates nuanced decision-making as specific companies face market pressures. ARK continues adjusting positions to capture what it views as emerging opportunities within the digital asset space, even as established players like Coinbase struggle with valuation compression and competitive challenges.
