Cathie Wood’s ARK Invest Rotates From Coinbase to Bullish Stock

TLDR

• ARK Invest bought 716,030 Bullish shares worth $17.8 million across ARKK, ARKW, and ARKF funds while selling $17.4 million in Coinbase stock
• ARK continued Coinbase sales on Friday with another $22 million disposal, bringing total week sales to roughly $39 million
• Bullish now represents 1.68% of ARKK, 1.43% of ARKW, and 2.37% of ARKF holdings
• Bullish reported Q4 2025 losses of $3.73 per share but beat revenue expectations at $92.5 million, up 68% year-over-year
• Coinbase shares dropped 26% year-to-date despite a 13% Friday rally, while Bullish fell 27% year-to-date

Cathie Wood’s ARK Invest has executed a major portfolio shift in its crypto holdings. The investment firm purchased approximately 716,030 shares of Bullish across three flagship ETFs while reducing its Coinbase Global position.

Bullish, BLSH

The initial Thursday transactions saw ARK buy $17.8 million worth of Bullish shares. These purchases were spread across the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF.

On the same day, ARK sold around 119,236 Coinbase shares valued at $17.4 million. This marked ARK’s first Coinbase sale of 2026 and the first since August 2025.

ARK extended its Coinbase selling on Friday with additional disposals. The firm sold 92,737 shares from ARKK, 32,790 shares from ARKW, and 8,945 shares from ARKF.

These Friday sales totaled 134,472 shares worth approximately $22.1 million. Combined with Thursday’s transactions, ARK sold roughly $39 million in Coinbase stock over two days.

The portfolio adjustments came after Bullish reported quarterly earnings. The crypto exchange operator posted a loss of $3.73 per share for Q4 2025.

Despite the losses, Bullish generated revenue of $92.5 million. This figure exceeded Wall Street analyst expectations and represented 68% growth year-over-year.

Bullish Position Grows Across ARK Funds

Following the purchases, Bullish now accounts for 1.68% of ARKK’s holdings. The position represents 1.43% of ARKW and 2.37% of ARKF.

Coinbase remains a larger holding overall. The exchange represents approximately 3.7% of ARKK, 3.44% of ARKW, and 4.95% of ARKF.

ARK accumulated additional Bullish shares on Friday. The firm purchased 278,619 shares in ARKK, 70,655 shares in ARKW, and 43,783 shares in ARKF.

These Friday purchases totaled 393,057 shares worth $10.7 million. This brought ARK’s total Bullish buying to over 1.1 million shares in two days.

Market Performance and Volatility

Coinbase stock gained 13% on Friday, closing near $165. However, the shares remain down 26% year-to-date according to Google Finance data.

Bullish shares ended Friday trading near $27, up 10%. The stock has declined 27% year-to-date despite ARK’s increased buying activity.

Q4 Financial Results

Bullish reported a net loss of $563.6 million for Q4 2025. This represented a reversal from the $158.5 million profit recorded in the same quarter of 2024.

The crypto markets experienced heightened volatility during this period. Bitcoin fell nearly 20% over one week before recovering to cross $68,000 on Friday.

Centralized exchange trading volumes dropped 9% quarter-on-quarter. This decline followed an October liquidation event that impacted market activity.

ARK’s quarterly report cited weakness in digital asset companies as a drag on fund performance. Coinbase shares fell nearly 35% from October to year-end, underperforming both Bitcoin and Ethereum.

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