Cathie Wood led ARK Invest has trimmed its exposure to Coinbase, selling shares worth about $17 million as the cryptocurrency exchange’s stock continues to struggle in 2026. The move signals a shift in ARK’s short-term trading approach even as the firm remains one of Coinbase’s largest institutional supporters.
ARK Turns Seller After Years of Backing Coinbase
On Thursday, ARK Invest offloaded 119,236 shares of Coinbase Global Inc., valued at roughly $17.4 million, according to recent trade disclosures. The sale came as Coinbase shares fell 13 percent in a single session and touched multi-month lows.
The decision stands out because ARK has historically been a strong buyer of Coinbase during market downturns. This is ARK’s first Coinbase sale of 2026 and its first reduction in the stock since August 2025. Until now, the firm had consistently added to its position, even as prices declined.
Just days earlier, ARK had made a relatively small purchase of 3,510 Coinbase shares worth about $630,000. That buy followed a series of acquisitions made at higher price levels earlier this year, making the sudden sale more notable.
Coinbase Stock Under Pressure in 2026
Coinbase shares have had a difficult start to the year. The stock is down around 37 percent year to date, according to Nasdaq data, reflecting weaker sentiment across the crypto sector and lower trading activity on exchanges.
Since its direct listing in April 2021, Coinbase stock has fallen nearly 60 percent from its opening price of $381. While the company remains one of the most recognized crypto platforms in the United States, its share price has remained closely tied to broader market cycles in digital assets.
The latest drop in Coinbase coincided with a wider sell-off in cryptocurrencies, adding pressure to crypto-related equities.
ARK Rotates Capital Into Bullish
While reducing its Coinbase exposure, ARK Invest redeployed almost the same amount of capital into Bullish, an institution-focused digital asset trading platform. The firm purchased 716,030 shares of Bullish for approximately $17.8 million.
Bullish went public on the New York Stock Exchange in August 2025, with ARK among the largest buyers in its initial public offering. BlackRock was also a major participant in the listing, highlighting strong early institutional interest.
Despite that backing, Bullish shares have struggled since debut. As of Thursday’s close, the stock was trading at $24.9, down more than 60 percent from its post-listing highs. ARK’s decision to add Bullish shares suggests a preference for platforms targeting institutional clients, even as valuations across the sector remain under strain.
Crypto Market Slump Shapes Investment Moves
ARK’s reshuffle comes during a sharp pullback in the crypto market. Bitcoin fell below $70,000 on Thursday and briefly touched the $60,000 level on Friday, unsettling investor confidence and dragging down crypto-linked stocks.
For a firm that has long championed Bitcoin and crypto infrastructure companies, the Coinbase sale marks a tactical adjustment rather than a full exit. Market volatility, declining asset prices and uncertainty around near-term demand appear to be influencing portfolio decisions.
ARK Still Holds a Large Coinbase Position
Despite the recent sale, ARK Invest remains heavily invested in Coinbase. The firm still holds approximately $312 million worth of Coinbase shares across three of its exchange-traded funds.
Coinbase represents about 3.7 percent of the ARK Innovation ETF, 3.4 percent of the ARK Next Generation Internet ETF, and nearly 5 percent of the ARK Fintech Innovation ETF. These figures show that Coinbase continues to be a core holding, even after the latest reduction.
The move suggests ARK is fine-tuning its exposure rather than abandoning its long-held belief in crypto platforms. As markets remain volatile, further portfolio changes could follow depending on how both digital assets and related stocks perform in the coming months.
