Cathie Wood’s Ark Invest has made a strategic move by selling over $19 million worth of shares in the American crypto exchange Coinbase (COIN) on Thursday, coinciding with a notable decline in Bitcoin’s value. The firm offloaded 119,236 shares across three of its actively managed ETFs as COIN’s price sank to its lowest since March, dropping close to 48% over the past six months. This sale comes shortly after Ark had increased its stake in Coinbase, highlighting the volatility and rapid shifts in the crypto market.
Following the sale, COIN experienced a rebound of nearly 9% on Friday, bringing its price to approximately $159.13. Currently, Coinbase stands as Ark Invest’s seventh-largest investment, with a portfolio valued at around $425 million. Despite this reduction in their Coinbase holdings, Ark has continued to diversify, adding positions in other crypto-related equities as broader market trends saw Bitcoin drop to a low of $60,255 and Ethereum fall to $1,756.
Despite a slight uptick in crypto prices on Friday, Bitcoin remains down about 17% for the week, hovering near $69,000, while Ethereum has seen a more substantial decline of 27%, currently trading just under the $2,000 mark. This ongoing slump in prices has prompted Ark to take action in their investment strategy, evidenced by the firm’s acquisition of over 716,000 shares in crypto exchange Bullish (BLSH) valued at more than $19 million, as BLSH was trading around $27.00—an 8% increase a day after the initial plunge in crypto stocks. Ark’s total stake in Bullish now sits at approximately $138 million, despite the company reporting a fourth-quarter loss of around $536 million.
Additionally, Ark has bolstered its investment in Brera Holdings (SLMT), a company associated with the Solana ecosystem, adding 150,000 shares valued at about $172,500. This decision comes in the context of significant challenges facing major crypto treasury firms, as digital asset values continue to decline sharply. Solana’s performance has been disappointing, with a 39% drop over the past month and a staggering 71% fall from its all-time high in January 2025, currently trading at $84.01.
Further reflecting its commitment to innovation, Ark’s acquisitions on Thursday also included shares in Alphabet (GOOG), the parent company of Google, amidst growing concerns and uncertainties surrounding the macroeconomic landscape and the rise of artificial intelligence (AI). Nevertheless, Cathie Wood has expressed confidence, asserting that AI is not the bubble to be concerned about; rather, she identifies the surging prices of precious metals like gold as the more significant issue within the current market dynamics.
