ARK trims Coinbase and rotates into Bullish

Cathie Wood’s ARK Invest sold about $22 million worth of Coinbase shares on Friday across three ETFs, extending a selloff that began a day earlier and marked its first reduction in the stock since August 2025.

Trade disclosures show ARK offloaded more than 134,000 Coinbase shares from its Innovation, Next Generation Internet and Fintech Innovation ETFs, despite the stock rising about 13% on the day.

The sales followed a $17.4 million Coinbase disposal on Thursday, reversing a brief return to buying earlier in the week as the shares remained down roughly 26% year to date.

While trimming Coinbase, ARK increased its exposure to digital asset platform Bullish, buying more than 393,000 shares for around $10.7 million across the same funds.

Bullish shares rose about 10% on Friday but remain down roughly 27% this year after the company reported a fourth-quarter net loss of $563.6 million.

The contrasting trades suggest ARK is reallocating within crypto-linked equities rather than exiting the sector, shifting capital between businesses with different revenue and risk profiles.

The moves come as ARK funds continue to face pressure from weaker crypto markets and lower exchange trading volumes, which have weighed heavily on performance since late 2025.