TLDR
- Cathie Wood’s ARK sold $39 million in Coinbase shares while purchasing $28 million worth of Bullish stock across two trading days
- ARK now holds over 1.1 million Bullish shares following purchases in ARKK, ARKW, and ARKF funds
- Bullish posted Q4 revenue of $92.5 million, exceeding analyst forecasts despite reporting a $563.6 million net loss
- Coinbase remains down 26% in 2026 while Bullish has dropped 27% year-to-date
- The trades mark ARK’s first Coinbase sales since August 2025 and represent a tactical shift in crypto exchange exposure
Cathie Wood’s ARK Invest executed a substantial rebalancing of its crypto exchange positions this week. The firm sold $39 million in Coinbase Global stock while adding $28 million worth of Bullish shares.
Thursday’s activity included ARK purchasing 716,030 Bullish shares valued at $17.8 million. The buys were split between ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.
ARK simultaneously sold 119,236 Coinbase shares worth $17.4 million from the same funds. This marked the firm’s first Coinbase disposal in 2026 and ended a selling pause that lasted since August 2025.
The selling continued Friday with ARK offloading 134,472 Coinbase shares. These sales totaled $22.1 million across the three ETFs.
ARK also bought more Bullish stock on Friday. The firm acquired 393,057 shares for $10.7 million, pushing its two-day Bullish purchases past 1.1 million shares.
Current Fund Holdings
Bullish now comprises 1.68% of ARKK’s portfolio. The exchange represents 1.43% of ARKW and 2.37% of ARKF holdings.
Coinbase still maintains larger positions in each fund. The platform accounts for approximately 3.7% of ARKK, 3.44% of ARKW, and 4.95% of ARKF.
Bullish Earnings Beat Expectations
The timing aligned with Bullish’s quarterly earnings release. The crypto exchange operator reported a Q4 2025 loss of $3.73 per diluted share.
Revenue reached $92.5 million, surpassing Wall Street estimates. The figure represented 68% growth compared to the previous year.
Bullish’s net loss totaled $563.6 million for the quarter. This contrasted sharply with the $158.5 million profit recorded in Q4 2024.
Exchange Stocks Face Market Turbulence
Coinbase shares jumped 13% on Friday, closing around $165. The stock has lost 26% of its value since January 1 according to Google Finance.
Bullish shares gained 10% on Friday, finishing near $27. Year-to-date performance shows a 27% decline for the stock.
Crypto markets experienced heightened volatility during the period. Bitcoin fell approximately 20% over one week before bouncing back above $68,000.
Centralized exchange trading volumes decreased 9% from the previous quarter. The drop followed an October liquidation event that disrupted market activity.
ARK’s latest quarterly report highlighted crypto-related holdings as performance headwinds. Coinbase stock fell 35% between October and December, trailing both Bitcoin and Ethereum returns.
Friday’s portfolio adjustments extended beyond crypto. ARK purchased shares in Alphabet, Recursion Pharmaceuticals, and Tempus AI while reducing positions in Roku, The Trade Desk, and PagerDuty.
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