ARK Invest offloaded $17.4 million worth of Coinbase (COIN) stock while simultaneously purchasing $17.8 million in Bullish (BLSH) shares on Thursday as cryptocurrency equities faced significant losses.
Cathie Wood’s investment management firm sold 119,236 COIN shares valued at $17.4 million at Thursday’s close, according to regulatory disclosures. Coinbase stock declined 13.3% on the day, closing at $146.12 as the broader cryptocurrency market experienced a sharp downturn.
Bitcoin fell to as low as $60,000 during Thursday’s trading, marking its lowest point since November 2024. The cryptocurrency’s weakness rippled through crypto-adjacent equities, affecting major players in the digital asset space.
In the same trading session, ARK Invest purchased 716,030 shares of Bullish, the cryptocurrency exchange and parent company of CoinDesk. The shares were valued at $17.8 million based on BLSH’s closing price of $24.90, which represented an 8.5% decline for the day.
ARK Invest frequently uses market downturns as opportunities to rebalance its cryptocurrency and crypto-adjacent equity holdings. The Florida-based investment company typically capitalizes on lower prices to capture greater value and adjust fund allocations as asset prices shift.
The company’s portfolio is adopting a calculated approach to managing exposure during volatile market periods. Selling underperforming holdings and purchasing assets at depressed valuations, ARK will try to maintain its positioning across the digital asset ecosystem.
However, the decision to divest from Coinbase (one of the largest cryptocurrency exchanges and a major crypto holding for the firm) marks a notable shift in ARK’s typical rebalancing strategy. Such moves by the investment firm are relatively uncommon in the cryptocurrency space.
Coinbase has faced pressure along with other crypto equities as Bitcoin’s decline weighs on the broader sector. The exchange’s stock performance is typically correlated with cryptocurrency price movements and market sentiment.
Bullish, as a cryptocurrency exchange, also experienced the broader market downturn reflected in its share price decline. The platform offers spot and derivatives trading for digital assets.
ARK Invest’s portfolio strategy, which involves a sell-and-buy approach, demonstrates the firm’s ongoing effort to optimize its holdings during periods of market stress.
Investors and market observers continue to monitor ARK’s trading decisions, as the firm’s moves often reflect broader sentiment within the cryptocurrency and digital asset investment space. Thursday’s transactions provide insight into how major institutional investors are positioning themselves amid current market conditions.
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