Market News

Crypto Shakeup: ARK Invest Sells Coinbase, Buys Bullish Amid Market Dip

In a significant market move, ARK Invest has sold $17.4 million worth of Coinbase shares while simultaneously investing $18 million in Bullish.

This transaction comes as cryptocurrency equities face a notable downturn, with the price of Bitcoin hitting its lowest levels since November 2024.

On Thursday, Coinbase’s stock plummeted by 13.3%, closing at $146.12, indicative of the broader turbulence in the crypto market.

Cathie Wood, the visionary behind ARK Invest, sold 119,236 shares of Coinbase, which reflects her strategy of reallocating funds during market dips.

In contrast, ARK acquired 716,030 shares of Bullish, valuing this purchase at approximately $17.8 million, though Bullish's stock also fell nearly 8.5% that day.

This dual strategy of selling a major crypto position and acquiring a smaller, potentially undervalued player exemplifies ARK's dynamic investment approach.

Typically, ARK's investments tend to focus on purchasing companies when their stock prices drop, aiming to capture greater long-term value.

However, this move to trim its Coinbase holdings while bolstering Bullish is somewhat uncharacteristic and signals a shift in strategy.

Investors will likely watch closely how these shifts impact ARK's overall portfolio performance amid ongoing volatility in the crypto space.

As the market continues to evolve, the implications of these trades may offer deeper insights into ARK's future positioning in the cryptocurrency ecosystem.