On Thursday, ARK Invest sold $17.4 million worth of Coinbase (COIN) shares and bought a similar amount of Bullish (BLSH) shares as cryptocurrency stocks fell.
Cathie Wood’s Investment Management sold 119,236 COIN shares worth $17.4 million as of Thursday’s close. As the crypto market caused by Bitcoin continues to slump, COIN fell 13.3% on the day, closing at $146.12 It fell to $60,000, the lowest since November 2024.
ARK also purchased 716,030 shares of cryptocurrency exchange Bullish, according to the email disclosure. Based on BLSH’s closing price of $24.90, the stock was worth $17.8 million, down nearly 8.5% from the day. Bullish is also the parent company of CoinDesk.
It’s common for ARK Invest to make large acquisitions of cryptocurrency-related companies when their prices decline due to a general downturn in the cryptocurrency market. The Florida-based company is trying to take advantage of the opportunity to extract greater value from the stock and rebalance its fund holdings to reflect different prices.
However, it’s rare for ARK to use this as a window to sell shares of major crypto assets like Coinbase.