ARK Invest sold $17.4 million worth of Coinbase (COIN) shares and bought a similar amount in Bullish Stock (BLSH) on Thursday as crypto stocks diverged.
Cathie Wood’s investment management company sold 119,236 shares of COIN, worth $17.4 million at Thursday’s close. COIN lost 13.3% on the day to close at $146.12 amid the continued collapse of the cryptocurrency market that has seen bitcoin fall as low as $60,000, its lowest point since November 2024.
ARK also purchased 716,030 shares on the Bullish crypto exchange, according to an emailed 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 make large purchases of cryptocurrency-adjacent companies when their prices fall due to broader declines in the cryptocurrency market. The Florida-based company is trying to take advantage of the opportunity to capture more value from stocks and rebalance its fund holdings to reflect different prices.
However, it is somewhat rarer to see ARK use this as a window to offload shares in a major crypto holding like Coinbase.
