Cathie Wood’s ARK Invest continued trimming its exposure to Coinbase on Friday, extending a selling streak that began earlier this week while adding to holdings in the digital asset platform Bullish.
Trade disclosures show ARK sold roughly $22 million worth of Coinbase Global shares across three exchange-traded funds, even as the stock rebounded sharply during the session.
Another round of Coinbase reductions
According to filings, ARK Invest offloaded 134,472 shares of Coinbase across its flagship products. The largest portion came from the ARK Innovation ETF, with additional sales from the Next Generation Internet ETF and the Fintech Innovation ETF.
The move followed a $17.4 million Coinbase sale a day earlier, marking a shift after a brief buying window earlier in the week. Friday’s trades pushed ARK’s cumulative Coinbase sales over two days to nearly $40 million.
Coinbase shares still finished the day higher, closing near $165 after a double-digit gain. Despite the rebound, the stock remains down about 26% since the start of the year, reflecting broader pressure on crypto-linked equities.
ARK increases exposure to Bullish
At the same time, ARK added to its position in Bullish, purchasing about $10.7 million worth of shares across the same three ETFs.
Bullish shares ended the session around $27, up roughly 10% on the day. The stock, however, is still down about 27% year to date following a sharp swing in profitability. The company reported a net loss of $563.6 million for the fourth quarter of 2025, reversing a profit posted in the same period a year earlier.
Portfolio shifts beyond crypto
Beyond digital asset names, ARK also added positions in Alphabet, Recursion Pharmaceuticals, and Tempus AI. Offsetting those buys, the firm reduced exposure to several high-growth technology stocks, including Roku, The Trade Desk, and PagerDuty.
Why it matters
ARK’s back-to-back Coinbase sales highlight how actively managed crypto exposure has become more tactical amid volatile market conditions. While Coinbase remains a core holding across ARK funds, the recent trades suggest the firm is reassessing near-term risk as crypto-related stocks struggle to regain momentum.
In a recent quarterly update, ARK said weakness among digital asset–linked companies weighed on performance in key funds. Coinbase was cited as one of the largest contributors to the drag, underscoring how sensitive ARK’s flagship ETFs remain to shifts in crypto market sentiment.
What to watch next
Investors will be watching whether ARK continues to pare Coinbase exposure or returns to buying if crypto equities stabilize. Upcoming earnings from major exchanges and broader moves in Bitcoin prices are likely to influence the next round of portfolio adjustments.
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