ARK Invest, led by Cathie Wood, sold $22.1 million worth of Coinbase shares on Friday across three of its ETFs while adding $10.7 million worth of shares in digital asset platform Bullish. The move continues a shift away from Coinbase, which has been a recent drag on fund performance, and comes despite a 13% single-day gain for the exchange’s stock.
ARK Invest continued reducing its exposure to Coinbase on Friday by selling $22.1 million worth of shares. The firm sold a combined 134,472 shares across its ARK Innovation, Next Generation Internet, and Fintech Innovation ETFs.
This sale followed a $17.4 million sale of Coinbase stock on Thursday, marking the firm’s first such sales of 2026. Coinbase stock closed Friday’s session at about $165 after gaining roughly 13%.
However, the exchange’s shares are still down by 26% year-to-date, according to data from Google Finance. Simultaneously, ARK accumulated 393,057 shares of Bullish, worth $10.7 million, across the same three funds.
Bullish shares ended the day near $27, up about 10%, but are also down 27% year-to-date. The company reported a net loss of $563.6 million in the fourth quarter of 2025.
ARK added Alphabet, Recursion Pharmaceuticals, and Tempus AI to its portfolios on Friday. It also reduced exposure to several high-growth technology companies including Roku, The Trade Desk, and PagerDuty.
A recent quarterly pullback in digital asset markets hurt several ARK ETFs. Weakness in companies tied to digital assets, particularly Coinbase, was a major drag on flagship funds.
Coinbase shares fell nearly 35% from October to year-end, underperforming major cryptocurrencies. Centralized exchange trading volumes dropped 9% quarter-on-quarter after an October liquidation event.
