ARK Invest, the asset manager led by well-known Bitcoin proponent Cathie Wood, has pivoted from buying to selling Coinbase stock as the shares slid 13% and fell to multi-month lows.
On Thursday, ARK sold 119,236 shares of Coinbase (COIN), worth about $17.4 million, according to a trade filing reviewed by Cointelegraph.
The move came just one day after ARK made a smaller purchase of 3,510 shares, valued at roughly $630,000, on Tuesday, following a string of buys at higher prices earlier in 2026.
The sale marks ARK’s first reduction of its Coinbase position in 2026 and its first since August 2025, pointing to a shift in trading approach. Coinbase shares are down approximately 37% year to date, based on Nasdaq data.
ARK trims Coinbase, adds Bullish
ARK deployed nearly the same amount it sold in Coinbase to purchase 716,030 shares—worth about $17.8 million—of Bullish (BLSH), an institution-focused digital asset platform that debuted on the New York Stock Exchange in August 2025.
Since its listing, Bullish shares have fallen more than 60%, closing at $24.90 on Thursday, according to NYSE data.
ARK was among the largest investors in Bullish’s IPO, alongside asset management heavyweight BlackRock.
ARK holds $312 million in Coinbase stock
ARK’s latest Coinbase sale comes as the broader crypto market pulls back sharply, with Bitcoin sliding below $70,000 on Thursday and briefly dipping to $60,000 on Friday.
For ARK—long known as a major supporter of Coinbase during periods of market stress—the move represents a notable shift in strategy.
Despite the recent sale, ARK continues to hold about $312 million worth of Coinbase shares across three of its funds: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Coinbase accounts for roughly 3.7%, 3.4%, and 4.95% of each fund, respectively.
Since its trading debut in April 2021, Coinbase shares have declined by around 60%, falling from an opening price of $381, according to Nasdaq data.
