Cathie Wood’s ARK Invest continued reshaping its crypto-related portfolio, extending its selling streak of Coinbase shares while significantly increasing exposure to digital asset platform Bullish. The latest moves highlight ARK’s shifting conviction within the crypto equity space amid ongoing market volatility.
ARK Invest Extends Coinbase Selling Streak Despite Stock Rally
According to ARK Invest’s daily trade disclosures, the firm sold a total of 134,472 shares of Coinbase Global, valued at approximately $22.1 million, across three of its exchange-traded funds. The largest portion of the sale came from the ARK Innovation ETF (ARKK), which offloaded 92,737 shares. Additional sales included 32,790 shares from the Next Generation Internet ETF (ARKW) and 8,945 shares from the Fintech Innovation ETF (ARKF).
This sale follows another significant Coinbase reduction just one day earlier, when ARK sold 119,236 COIN shares worth roughly $17.4 million. That transaction marked the firm’s first Coinbase sale of 2026 and its first since August 2025, signaling a notable reversal after a brief buying spree earlier in the week.
The timing is notable, as Coinbase shares surged nearly 13% on Friday, closing around $165. Despite the rally, the stock remains down about 26% year-to-date, reflecting continued pressure on centralized crypto exchanges as trading volumes remain subdued.
Coinbase has been a major drag on ARK’s flagship funds in recent quarters. In its latest quarterly report, ARK cited weakness in digital asset–linked companies—particularly Coinbase—as a key contributor to underperformance in ARKK, ARKW, and ARKF. The stock fell nearly 35% from October through year-end, underperforming both Bitcoin and Ether during the same period as exchange trading activity declined.
ARK Shifts Capital Into Bullish and Select Tech Stocks
While trimming Coinbase, ARK Invest increased its exposure to Bullish, a digital asset trading platform. The firm purchased 278,619 shares through ARKK, 70,655 shares via ARKW, and 43,783 shares through ARKF. In total, ARK added 393,057 Bullish shares, valued at approximately $10.7 million.
Bullish shares closed the session near $27, gaining about 10% on the day, though the stock remains down 27% year-to-date. The company recently reported a net loss of $563.6 million in the fourth quarter of 2025, or $3.73 per diluted share, a sharp reversal from the $158.5 million profit posted in the same quarter a year earlier.
Beyond crypto-focused names, ARK also made adjustments across its broader tech portfolio. The firm added positions in Alphabet, Recursion Pharmaceuticals, and Tempus AI, while reducing exposure to high-growth technology companies such as Roku, The Trade Desk, and PagerDuty.
