ARK Invest, the asset manager led by prominent Bitcoin bull Cathie Wood, has shifted from buying to selling Coinbase stock, as the shares dipped 13% and hit multi-month lows.
On Thursday, ARK offloaded 119,236 Coinbase (COIN) shares, valued at roughly $17.4 million, according to a trade filing seen by Cointelegraph.
The sale comes just a day after a modest 3,510-share ($630,000) purchase on Tuesday, following a series of buys at higher prices earlier in 2026.
This marks ARK’s first Coinbase sale of 2026 and its first since August 2025, signaling a shift in trading strategy. The cryptocurrency exchange’s stock is down around 37% year-to-date, according to Nasdaq data.
ARK sold Coinbase and bought Bullish
ARK spent almost the same amount it dumped in Coinbase shares to acquire 716,030 shares ($17.8 million) in Bullish (BLSH), an institution-focused digital asset platform that listed on the New York Stock Exchange in August 2025.
Since the trading launch, Bullish shares had slumped more than 60% to $24.9 on Thursday’s close, according to NYSE data.
Related: BlackRock’s IBIT hits daily volume record of $10B amid Bitcoin crash
ARK was one of the largest buyers of Bullish’s IPO, alongside investment giant BlackRock.
ARK holds $312 million in Coinbase stock
ARK’s latest Coinbase sale comes amid a sharp crypto market pullback, with Bitcoin (BTC) dipping below $70,000 on Thursday to briefly touch $60,000 on Friday.
For ARK, a major backer of Coinbase during tough market conditions, the move marks a notable reversal.
To date, ARK still holds $312 million in Coinbase shares across its three funds — the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), with COIN representing 3.7%, 3.4%, and 4.95% of each fund, respectively.
Since its April 2021 trading debut, Coinbase stock has fallen about 60%, from an opening price of $381, according to Nasdaq data.
Magazine: Bitcoin’s ‘miner exodus,’ UK bans some Coinbase crypto ads: Hodler’s Digest, Jan. 25 – 31
