ARK Invest sold 119,236 shares of Coinbase (COIN), reaching approximately $17.4 million in shares. With that money, they bought about $17.8 million worth of Bullish (BLSH), representing approximately 716,030 shares.
The transactions, executed through various ARK Invest funds, reflect an active repositioning by the manager amidst a massive sell-off of crypto stocks and a widespread decline in cryptocurrency prices. The move occurred within a context of high volatility, as investors adjusted their exposure in response to deteriorating market sentiment.
According to market reports, the reallocation consisted of a sale of Coinbase shares accompanied by a nearly equivalent purchase of Bullish, channeled through several ARK vehicles. The strategy suggests a rotation within the crypto infrastructure segment, rather than a complete exit from the sector.
Specifically, ARK sold 119,236 Coinbase shares, for approximately $17.4 million. Simultaneously, it acquired 716,030 Bullish shares, for approximately $17.8 million, distributed across three different ETFs, indicating a diversified execution within its fund structure.
Bullish fell approximately 8.5% to $24.90, while Coinbase dropped nearly 13.3% to close around $146.12. Monthly losses were similar, with declines of approximately 39.6% for Bullish and 41.7% for Coinbase.
Coinbase’s role in the ARK ecosystem
Despite the sale, Coinbase still represented a significant position within ARK’s core funds, with total exposure close to $312 million. This reinforces the interpretation that the move was a tactical adjustment of relative weight, rather than a structural change in the investment thesis regarding the company.
The transactions occurred in parallel with a broader correction in the crypto market, during which Bitcoin briefly fell to the $60,000 range. In this context, reducing exposure to an established exchange operator, combined with increasing exposure to another crypto trading platform, suggests a redistribution of risk within the same segment.
For investors and product teams, this move highlights key considerations of concentration, liquidity, and regulatory profile. Reducing exposure to a traditional exchange means cutting certain operational and regulatory risks while gaining exposure to an alternative platform with different dynamics.
Market participants will closely monitor upcoming filings and daily holding updates to determine whether this is a sustained rotation or a one-off response to recent price action.
