ARK Invest sold $17.4 million worth of Coinbase (COIN) shares and bought a similar amount in Bullish (BLSH) shares on Thursday as crypto stocks rallied.
Cathie Wood’s investment management firm sold 119,236 shares of COIN stock, worth $17.4 million by Thursday’s close. COIN lost 13.3% on the day to close at $146.12 amid the ongoing tanking of the crypto market, which has seen bitcoin fall as low as $60,000, the lowest point since November 2024.
ARK also bought 716,030 shares in crypto exchange Bullish, according to an email disclosure. The shares are worth $17.8 million, based on BLSH’s closing price of $24.90, down nearly 8.5% on the day. Bullish is also the parent company of CoinDesk.
It is common to see ARK Invest making significant purchases of crypto-adjacent companies when their prices fall due to broader downturns in the cryptocurrency market. The Florida-based company is trying to take advantage of the chance to capture greater value from stocks and rebalance the holdings of its funds to reflect the different prices.
However, it is somewhat rarer to see ARK use this as a window to offload shares in a major crypto holding such as Coinbase.
