ARK Invest, led by Cathie Wood, sold $17.4 million worth of Coinbase stock on Thursday as the shares hit multi-month lows. This marks the asset manager’s first sale of the cryptocurrency exchange’s stock in 2026. ARK simultaneously invested $17.8 million into shares of the institution-focused platform Bullish.
ARK Invest has shifted from buying to selling shares of the cryptocurrency exchange Coinbase. The asset manager, led by prominent Bitcoin bull Cathie Wood, offloaded 119,236 Coinbase shares valued at roughly $17.4 million on Thursday.
This sale followed a modest purchase of 3,510 shares worth $630,000 just a day earlier. The move signals a trading strategy shift as it is ARK’s first Coinbase sale of 2026 and its first since August 2025.
Coinbase stock has fallen around 37% year-to-date, according to Nasdaq data. The exchange’s shares recently dipped 13%, hitting multi-month lows.
ARK Invest spent almost the same amount it raised from the Coinbase sale to acquire shares in Bullish. The firm bought 716,030 shares of the institution-focused digital asset platform for $17.8 million.
Bullish shares had slumped more than 60% to $24.9 by Thursday’s close since its August 2025 NYSE listing, according to NYSE data. ARK was one of the largest buyers of Bullish’s IPO, alongside investment giant BlackRock.
The sale occurred amid a sharp crypto market pullback, with Bitcoin briefly touching $60,000. ARK, a major backer of Coinbase during tough market conditions, now marks a notable reversal with this transaction.
Despite the sale, ARK still holds a significant position in Coinbase. The firm holds $312 million in Coinbase shares across its three flagship exchange-traded funds.
The stock represents 3.7%, 3.4%, and 4.95% of the ARK Innovation, Next Generation Internet, and Fintech Innovation ETFs, respectively. Since its April 2021 trading debut, Coinbase stock has fallen about 60% from an opening price of $381.
