ARK Invest Sells Coinbase, Buys Bullish Stocks, Suggests Crypto Strategy Shift
Amidst the Bitcoin bear market, ARK Invest, led by prominent Bitcoin bull Cathie Wood, has shifted its investment strategy for major cryptocurrencies. It sold shares of Coinbase (COIN), which has plummeted since the beginning of the year, and purchased shares of Bullish (BLSH), an institutional exchange.
On Thursday, local time in the US, ARK Invest sold 119,236 shares of Coinbase stock. The transaction value was approximately $17.4 million (approximately KRW 25.55 billion), marking the first sale of the year and the first since August of last year. This move follows a smaller purchase of 3,510 shares (approximately KRW 9.25 billion) two days earlier, clearly signaling a shift in investment direction.
Coinbase's stock price has plummeted by approximately 37% this year. According to US stock market data, the stock is at its lowest point in months, down nearly 60% from its 2021 IPO price of $381. ARK Invest's selloff, which has consistently purchased shares despite the price decline, is interpreted as a conservative portfolio adjustment, coupled with the recent volatility in the crypto market.
Bullish (BLSH) shares purchased for $17.8 million, highlighting the rise of institutional-focused exchanges.
ARK Invest purchased Bullish shares for a size virtually identical to the proceeds from the Coinbase sale. The purchase volume was 716,030 shares, for a transaction value of approximately $17.8 million (approximately KRW 26.14 billion). Bullish is a digital asset exchange listed on the New York Stock Exchange in August 2025, attracting attention for its services focused on institutional investors.
However, the stock price has been on a downward trend since its listing, closing at $24.90 per share this Thursday, a drop of over 60% from its IPO price. ARK was one of the major investors in the bullish IPO, along with BlackRock, at the time of the IPO, and this additional purchase is interpreted as a continuation of its initial investment approach.
Portfolio Rebalancing…Coinbase Remains High
ARK Invest still holds a significant stake in Coinbase. Its total holdings currently stand at approximately $312 million (approximately KRW 458.26 billion). ARK's main ETFs—ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF)—contribute to the fund's holdings, representing 3.7%, 3.4%, and 4.95%, respectively.
This Coinbase selloff is more of a partial recovery based on market conditions than a complete liquidation. The recent Bitcoin (BTC) price plunge below $70,000 on Thursday and a brief drop to the low $60,000s on Friday, along with the overall market correction, also influenced the shift in investment strategy.
Amid the sluggish performance of Coinbase, a stock highly correlated with Bitcoin, ARK appears to be pinning its hopes on Bullish, a digital asset platform that requires a longer-term perspective. Building institutional infrastructure is considered key to long-term growth, and ARK's recent correction could serve as a guiding light, demonstrating confidence in its status as a "mid- to long-term growth stock" in the crypto market.
💡 "The intersection of Coinbase and Bullish, an eye for reading investment trends."
ARK Invest's recent strategic shift goes beyond simply buying and selling. It's a decision driven not by short-term market price movements, but by structural competitiveness and infrastructure scalability, prompting a rethinking of how we view the crypto market.
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