Cathie Wood’s ARK Invest sold $22.1 million worth of Coinbase shares, extending a selling streak that offloaded nearly $40 million of the crypto exchange across two consecutive trading sessions. The firm simultaneously purchased $10.7 million in Bullish, an institutional trading platform that reported a $563.6 million quarterly loss days earlier. The sale of 134,472 Coinbase shares across three ETFs followed Thursday’s $17.4 million disposal of 119,236 shares. The reversal ended months of ARK buying Coinbase on price dips and marked the firm’s first sales since August 2025.
ARK purchased 393,057 Bullish shares after buying 716,030 shares Thursday, bringing two-day Bullish purchases to $28.5 million. The reallocation came despite Bullish reporting a fourth-quarter net loss of $563.6 million, reversing a $158.5 million profit from the prior year. The loss stemmed primarily from mark-to-market adjustments on digital asset holdings during the crypto market downturn. Bullish shares closed near $27 Friday, down 27% year-to-date despite the 10% Friday gain.
Coinbase shares climbed 13% Friday to close at $165 but remain down 26% year-to-date. The exchange stock fell 35% from October through year-end 2025, underperforming both Bitcoin (BTC) and Ethereum (ETH) during the period. ARK’s latest quarterly report identified weakness in digital asset companies, particularly Coinbase, as a major drag on flagship funds ARKK, ARKW and ARKF. Centralized exchange trading volumes dropped 9% quarter-over-quarter after October’s liquidation event.
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