ARK Invest sold $17.4 million worth of Coinbase (COIN) stock and purchased a similar amount in Bull Stock (BLSH) on Thursday as crypto stocks traded.
Cathie Wood’s investment management firm sold 119,236 shares of COIN, worth $17.4 million as of Thursday’s close. COIN lost 13.3% on the day to close at $146.12 amid a continued downturn in the crypto market that saw bitcoin fall as low as $60,000, its lowest level since November 2024.
ARK also purchased 716,030 shares in crypto exchange Bullish, according to an emailed disclosure. The shares are worth $17.8 million, based on BLSH’s closing price of $24.90, a decline of nearly 8.5% that day. Bullish is also the parent company of CoinDesk.
It’s common to see ARK Invest make large purchases of crypto-adjacent companies when their prices decline due to broader downturns in the cryptocurrency market. The Florida-based company is trying to capitalize on the opportunity to capture greater stock value and rebalance its funds’ holdings to reflect different prices.
However, it’s a bit rarer to see ARK use this as a window to offload shares into a major crypto holding such as Coinbase.
