ARK Invest Sells $22M Coinbase Shares, Buys Bullish Across ETFs

ARK Invest, led by Cathie Wood, continued trimming its exposure to Coinbase while sharpening bets on Bullish, the digital asset platform. In a Friday disclosure, the firm sold 134,472 Coinbase shares across ARKK, ARKW and ARKF, totaling about $22.1 million. The moves come after a separate round of activity the day prior, when ARK sold 119,236 COIN shares for roughly $17.4 million, marking its first Coinbase exit of 2026 and its first since August 2025. Concurrently, Ark expanded its Bullish stake across the same trio of ETFs, adding a sizable chunk of the crypto platform’s shares as part of a broader rotation that also touched Alphabet, Recursion Pharmaceuticals and Tempus AI. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have traded in a narrow range amid this churn, underscoring how macro risk sentiment continues to influence crypto-linked equities and infrastructure plays alike.

Key takeaways

• ARK sold 134,472 Coinbase shares across ARKK, ARKW and ARKF, for about $22.1 million, marking a sizable trim to its exposure to the exchange operator.
• ARK increased its Bullish stake by 393,057 shares across the same ETFs (278,619 in ARKK, 70,655 in ARKW, 43,783 in ARKF), expanding the firm’s bet on Bullish to roughly $10.7 million.
• Coinbase stock jumped about 13% on Friday, closing near $165, though the year-to-date decline remains substantial.
• Bullish finished the session near $27, up around 10%, even as the company reported a quarterly net loss of $563.6 million for Q4 2025.
• ARK also added Alphabet, Recursion Pharmaceuticals and Tempus AI, while paring positions in Roku, The Trade Desk and PagerDuty, illustrating a broader rotation away from a handful of high-growth growth names toward diversified tech and AI plays.

Tickers mentioned: $BTC, $ETH, $COIN

Market context: The moves come as a fourth-quarter pullback in digital-asset markets weighed on several ARK ETFs, with weakness in crypto-related names acting as a drag. The dislocation between crypto assets and the equities tied to them has persisted, prompting managers like ARK to adjust exposures rather than pursue a uniform tilt toward or away from the crypto theme. The currency pair dynamics and policy backdrop continue to form the backdrop for these shifts as institutional players recalibrate risk and growth trajectories in a volatile sector.

Price impact: Positive. Coinbase rose about 13% on the session, while Bullish advanced roughly 10% as ARK adjusted its holdings and the stock-specific catalysts unfolded.

Market context: The broader environment remains sensitive to crypto market conditions and ETF flows. A sustained weakness in digital-asset prices has translated into more pronounced volatility for crypto-adjacent equities. As ARK repositioned its portfolio, the focus remained on balancing direct exposure to exchanges with bets on platforms and tools that could benefit from a longer-term crypto adoption trajectory.

Why it matters

The latest activity underscores Ark Invest’s willingness to pursue a bifurcated tilt within the crypto space: maintain or reduce direct exposure to a dominant exchange operator, while enlarging positions in crypto infrastructure and platform offerings. The sale of COIN across ARKK, ARKW and ARKF signals a disciplined trimming of a core holding, even as ARK continues to express interest in the sector through its Bullish stake and other tech-adjacent bets. This pattern reflects a broader theme in active management today: investors are increasingly differentiating between the merit of crypto trading venues and the longer-run potential of crypto-native service providers and tooling ecosystems.

ARK’s decision to scale Bullish across multiple funds points to a conviction that the platform’s role in crypto markets could extend beyond a single cycle of volatility. Bullish’s near-term performance — including a move toward $27 on the day — suggests that investors are evaluating the company’s product roadmap and monetization paths in a market that remains unseen by many on a full recovery trajectory. Yet the backdrop is not uniformly favorable: despite these hopeful signs, Bullish posted a net loss of $563.6 million in Q4 2025, a figure that reinforces the high-risk, high-variance nature of crypto-adjacent ventures and the broader technology ecosystem ARK is balancing against. Such results help explain why ARK would blend a trimmed core exposure to Coinbase with increased exposure to Bullish and other growth plays that might better weather a crypto downturn.

The portfolio reshuffle also touched other high-growth tech such as Alphabet (the parent of Google), Recursion Pharmaceuticals and Tempus AI, while trimming stakes in Roku, The Trade Desk and PagerDuty. This mix reveals a broader strategy at work: diversify beyond the crypto edge to capitalize on AI-centric software, data-driven biotech and core-scale technology franchises that demonstrate durable demand, even as the crypto cycle oscillates. In other words, ARK appears to be actively managing risk across its thematic bets, exiting or reducing positions that may be sensitive to outsized drawdowns while doubling down on areas with potentially longer horizon catalysts.

From a market perspective, the sector’s anatomy remains complex. Coinbase (EXCHANGE: COIN) itself has faced a tougher price path relative to the leading crypto assets in recent quarters, a disparity that has persisted even as the broader crypto market tests resilience. The balance of ARK’s actions — trimming a large Coinbase stake while expanding exposure to Bullish and other growth names — illustrates the caution and selective optimism that institutional investors are applying to a space where regulatory, liquidity and pricing dynamics can reshape the risk-reward calculus on quarterly timescales.

Overall, ARK’s latest moves highlight a nuanced stance: maintain exposure to the crypto theme and selectively increase bets on infrastructure and platform-level players, even as the direct exchange exposure retreats. The combination of portfolio diversification, disciplined risk management, and a focus on longer-term crypto adoption narratives suggests that ARK remains engaged with the sector, albeit with a clearly defined preference for diversified bets over concentrated bets on a single venue.

What to watch next

• ARK’s forthcoming holdings disclosures (including COIN and Bullish) in next quarterly updates or 13F filings.
• Bullish’s ongoing earnings or product updates that could illuminate monetization paths and user growth.
• Coinbase performance and regulatory developments that could influence crypto exchange equities in 2026.
• Crypto-market price movements and ETF flows that determine whether ARK’s crypto-related bets gain or lose pace.

Sources & verification

• ARK Invest trade disclosures detailing COIN sales across ARKK, ARKW and ARKF totaling about $22.1 million.
• Another COIN sale disclosed on Thursday, 119,236 shares for approximately $17.4 million.
• Bullish stake additions: 278,619 in ARKK, 70,655 in ARKW, 43,783 in ARKF, totaling 393,057 shares valued at about $10.7 million.
• Bullish Q4 2025 results showing a net loss of $563.6 million, or $3.73 per diluted share.
• Coinbase stock performance: closed around $165 on Friday, up ~13% for the session; 26% down year-to-date per market data.
• Crypto market context: ARK’s quarterly report cited weakness in digital-asset names as a drag on flagship funds.

ARK’s portfolio pivot: Coinbase trims, Bullish bets lift risk posture

Across market moves, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have been treading water as investors weigh risk appetite against macro uncertainty and the evolving crypto policy landscape. In this environment, Ark Invest executed a decisive reshaping of its exposure to digital assets. The firm’s Friday disclosures show ARK sold 134,472 Coinbase shares across ARKK, ARKW and ARKF—COIN’s ticker—for a total of about $22.1 million. The disposition follows a separate Thursday sale of 119,236 COIN shares for roughly $17.4 million, marking ARK’s first Coinbase exit of 2026 and the first since August 2025. The sequential sales underscore a willingness to prune a large position in the exchange operator even as the firm retains an interest in the broader crypto theme through other bets.

On the other side of the ledger, ARK expanded its Bullish exposure across the same trio of ETFs. The fund family added 278,619 shares to ARKK, 70,655 to ARKW, and 43,783 to ARKF, for a total of 393,057 Bullish shares valued at about $10.7 million. Bullish’s share price approached $27 by the close, rising roughly 10% on the session as investors digested the news alongside other growth-oriented moves. The company, however, reported a fourth-quarter 2025 net loss of $563.6 million, or $3.73 per diluted share, reversing a profit a year earlier. The result helps explain why Ark would balance direct exchange exposure with bets on platforms perceived to offer longer-run growth trajectories in the crypto space.

In tandem with these crypto moves, ARK also extended bets in Alphabet, Recursion Pharmaceuticals and Tempus AI, while trimming exposure to Roku, The Trade Desk and PagerDuty. The broader rotation signals a strategy to diversify away from a narrow high-growth naming slate while staying aligned with themes that could drive demand for data, AI-enabled services and digital ecosystems in the years ahead. The juxtaposition of trimming COIN with expanding Bullish and other tech names reflects a disciplined, theme-driven approach rather than a broad crash-out of the crypto narrative.

The quarter’s performance backdrop remains a critical context for these decisions. A fourth-quarter pullback in digital-asset markets weighed on ARK ETFs and contributed to a narrative of caution around crypto-exposed equities. Coinbase, in particular, faced a period of underperformance relative to major cryptocurrencies as centralized exchange trading volumes declined, and the share price fell from the October high into year-end. The divergence between crypto assets and their public-market proxies has been a recurring theme in 2025, complicating the task of evaluating long-run value versus near-term price moves.

Against this backdrop, ARK’s actions illuminate a nuanced stance: preserve exposure to the crypto theme while scaling back on direct exchange risk and increasing bets on infrastructure platforms and AI-enabled tech. The moves suggest the fund manager is seeking to maintain a narrative around crypto adoption while avoiding concentration risk and leveraging opportunities in related tech ecosystems. For investors watching ARK’s funds, these shifts offer a window into how a marquee active manager navigates a volatile market where the fate of crypto assets and the stocks tied to them do not always move in lockstep.

This article was originally published as ARK Invest Sells $22M Coinbase Shares, Buys Bullish Across ETFs on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.