Coinbase stock is down 26% year-to-date while Bullish has fallen 27% despite recent gains
Cathie Wood’s ARK Invest has made a major shift in its crypto exchange holdings. The investment firm sold approximately $39 million in Coinbase stock while purchasing more than $28 million worth of Bullish shares.
The trading activity began Thursday when ARK bought 716,030 Bullish shares worth $17.8 million. These purchases were distributed across three flagship funds: ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.
Bullish, BLSH
On the same day, ARK sold 119,236 Coinbase shares valued at $17.4 million. This represented the firm’s first Coinbase sale in 2026 and the first since August 2025.
ARK continued its Coinbase selling spree on Friday. The firm disposed of 134,472 shares worth $22.1 million across its three main ETFs.
Friday also saw ARK accumulate more Bullish stock. The firm purchased 393,057 shares valued at $10.7 million, bringing its two-day Bullish buying total to over 1.1 million shares.
After the transactions, Bullish represents 1.68% of ARKK holdings. The crypto exchange makes up 1.43% of ARKW and 2.37% of ARKF.
Coinbase maintains larger positions in each fund. The exchange accounts for roughly 3.7% of ARKK, 3.44% of ARKW, and 4.95% of ARKF.
The rotation came shortly after Bullish released quarterly earnings results. The crypto platform reported a loss of $3.73 per share for Q4 2025.
However, Bullish generated $92.5 million in revenue. This beat Wall Street expectations and showed 68% year-over-year growth.
Coinbase shares rallied 13% on Friday, closing near $165. Despite the single-day gain, the stock remains down 26% year-to-date.
Bullish stock climbed 10% on Friday, ending trading near $27. The shares have declined 27% since the start of 2026.
Both crypto exchange stocks have faced headwinds from market volatility. Bitcoin dropped nearly 20% over one week before recovering above $68,000.
Bullish posted a net loss of $563.6 million for Q4 2025. This reversed a $158.5 million profit from the same period in 2024.
Trading volumes across centralized exchanges fell 9% quarter-over-quarter. An October liquidation event contributed to the reduced activity.
ARK’s quarterly report identified weakness in crypto-related companies as a drag on performance. Coinbase shares dropped 35% from October through year-end, underperforming Bitcoin and Ethereum.
The firm also made other portfolio moves on Friday. ARK added positions in Alphabet, Recursion Pharmaceuticals, and Tempus AI while trimming holdings in Roku, The Trade Desk, and PagerDuty.
