Cathie Wood's ARK dumps another $22M in Coinbase stock, increases Bullish holdings
ARK Invest, managed by Cathie Wood, offloaded 134,472 shares of Coinbase distributed among three ETFs, simultaneously acquiring more than 393,000 shares in cryptocurrency platform Bullish.
On Friday, Cathie Wood's ARK Invest persisted in trimming its holdings of cryptocurrency exchange Coinbase, disposing of shares valued at $22 million spread across several exchange-traded funds (ETFs) while simultaneously expanding its stake in the digital asset platform Bullish.
Based on trade disclosure documents from ARK, the investment firm offloaded 92,737 shares of Coinbase Global from the ARK Innovation ETF (ARKK), another 32,790 shares from the Next Generation Internet ETF (ARKW), and an additional 8,945 shares from the Fintech Innovation ETF (ARKF). These combined sales represented 134,472 shares, with a total value of approximately $22.1 million.
This divestment follows a pattern where ARK Invest, under Cathie Wood's leadership, has changed its stance on Coinbase, having sold 119,236 COIN shares valued at approximately $17.4 million on Thursday following a short-lived purchase made earlier that week. Thursday's divestment marked the firm's initial Coinbase sale in 2026 and the first such transaction since August 2025.
In the meantime, shares of Coinbase experienced growth throughout Friday's trading session, finishing at approximately $165 following a gain of roughly 13% for the day. Nevertheless, the cryptocurrency exchange's stock remains down by 26% year-to-date (YTD), based on information from Google Finance.
ARK boosts Bullish stake
Concurrently, ARK built up its position in Bullish shares spread across several funds. The asset management firm acquired 278,619 shares through ARKK, 70,655 shares via ARKW, and 43,783 shares through ARKF, bringing the total accumulation to 393,057 shares with a value of $10.7 million.
Shares of Bullish concluded the trading session near $27, showing an increase of about 10%. Nevertheless, the stock has declined by 27% YTD following the company's announcement of a net loss amounting to $563.6 million, or $3.73 per diluted share, during the fourth quarter of 2025, which represented a reversal from the profit of $158.5 million that was recorded in the previous year.
In addition to the cryptocurrency-related transactions, ARK added positions in Alphabet, Recursion Pharmaceuticals and Tempus AI, while simultaneously decreasing its holdings in multiple high-growth technology companies such as Roku, The Trade Desk and PagerDuty.
Crypto slump weighs on ARK ETFs
According to Cointelegraph's previous reporting, a pullback in digital asset markets during the fourth quarter negatively impacted multiple ARK ETFs managed by Cathie Wood. Within its most recent quarterly report, ARK indicated that underperformance in companies with exposure to digital assets, most notably Coinbase, served as a significant headwind for flagship funds such as ARKK, ARKW and ARKF.
During this period, shares of Coinbase experienced steeper declines compared to major cryptocurrencies as trading volumes on centralized exchanges contracted by 9% quarter-on-quarter following the liquidation event in October. From October through year-end, the stock fell nearly 35%, trailing the performance of both Bitcoin (BTC) and Ether (ETH).