Coinbase Out, Bullish In Amid Slump

As crypto equities slumped on Thursday, ARK Invest trades highlighted a sharp portfolio shift between leading digital asset companies.

ARK rotates out of Coinbase and into Bullish

Investment firm ARK Invest sold a significant block of Coinbase stock while purchasing a comparable position in Bullish, underscoring its active management approach to crypto-related equities.

The company offloaded 119,236 shares of COIN, a sale valued at $17.4 million based on Thursday’s closing price. COIN dropped 13.3% on the day, finishing the session at $146.12. However, this steeper decline appeared to open the door for rotation into another crypto exchange stock.

On the same day, ARK acquired 716,030 shares of Bullish, according to an emailed disclosure. The position is worth about $17.8 million, using BLSH‘s closing price of $24.90. That stock also slid, losing nearly 8.5% during the session, yet ARK used the weakness to rebalance exposure between the two trading platforms.

Market downturn and strategy behind the moves

It is common for ARK Invest to execute sizeable transactions in crypto-adjacent companies when valuations pull back. Moreover, such moves are often framed as opportunities to capture greater long-term value while adjusting fund allocations during broader risk-off phases in digital assets.

This latest round of ark invest trades came amid a sharp downturn in the wider cryptocurrency market. Bitcoin, which had recently traded around $65,998.81, dropped to as low as $60,000, marking its lowest level since November 2024. That said, the firm has historically treated similar drawdowns as entry points rather than exit signals.

Bullish, the exchange whose parent company owns CoinDesk, now sits more prominently within ARK’s portfolio following Thursday’s transactions. However, the pivot from COIN to BLSH does not necessarily signal a long-term negative view on Coinbase, but rather reflects ARK’s willingness to shift capital dynamically across correlated crypto equities as prices reset.

Overall, the repositioning between Coinbase and Bullish underlines ARK’s ongoing effort to navigate volatility across listed crypto assets. In the near term, further dislocations in prices could invite additional tactical moves as the manager continues to lean into weakness across the sector.