In a significant move reflecting a shift in strategy, ARK Invest sold 119,236 Coinbase shares, valued at approximately $17.4 million, marking its first sale of the cryptocurrency exchange's stock in 2026. This sale occurred on Thursday, following a modest purchase of 3,510 shares worth about $630,000 just one day prior. Coinbase's stock has declined around 37% year-to-date, contributing to a multi-month low.
Additionally, ARK acquired 716,030 shares of Bullish, an institutional-focused digital asset platform, for around $17.8 million. This transaction occurred as Bullish’s shares have decreased over 60% since its trading debut on the New York Stock Exchange in August 2025. ARK remains a significant holder of Coinbase stock, maintaining an investment worth $312 million across its funds, including ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.
Since its debut in April 2021, Coinbase's stock price has decreased nearly 60% from its opening value of $381. The recent trading activities by ARK suggest a cautious approach amid a broader crypto market pullback.