Cathie Wood's ARK Invest has continued to pare down its stake in Coinbase, selling shares valued at $22 million through three different exchange-traded funds (ETFs). Simultaneously, the investment firm has increased its holdings in the digital asset platform Bullish.
In recent trading activity, ARK Invest offloaded 134,472 shares of Coinbase, with the ARK Innovation ETF (ARKK) selling 92,737 shares, the Next Generation Internet ETF (ARKW) parting with 32,790 shares, and the Fintech Innovation ETF (ARKF) reducing by 8,945 shares. This series of transactions marks another step in ARK's gradual reduction of its Coinbase exposure.
The move follows an earlier sale by ARK Invest of 119,236 Coinbase shares worth approximately $17.4 million. This was the firm's first sale of Coinbase shares in 2026, ending a hiatus since August 2025. Despite these sales, Coinbase's stock experienced a 13% rise, closing at around $165. Nevertheless, the company's shares remain down 26% year-to-date, according to Google Finance data.
On the other hand, ARK Invest is bolstering its position in Bullish by acquiring 393,057 shares valued at $10.7 million. The purchases were spread across ARKK, ARKW, and ARKF, with respective acquisitions of 278,619, 70,655, and 43,783 shares. Bullish's shares closed near $27, up 10% for the day, but the company has seen a 27% decline year-to-date after reporting a significant net loss of $563.6 million in the fourth quarter of 2025.
Beyond these crypto market maneuvers, ARK has also adjusted its portfolio by adding shares of Alphabet, Recursion Pharmaceuticals, and Tempus AI, while trimming investments in companies like Roku, The Trade Desk, and PagerDuty.
The broader digital asset market's downturn has impacted ARK's ETFs, particularly ARKK, ARKW, and ARKF, as outlined in their latest quarterly report. Coinbase's shares have been notably affected, experiencing a nearly 35% drop from October to year-end, outpacing declines in major cryptocurrencies like Bitcoin (BTC) and Ether (ETH). This sharp decline reflects reduced trading volumes on centralized exchanges following an October market event.