ARK Invest sold roughly $22 million of Coinbase (COIN) stock, extending a two‑day selling run that included a $17.4 million divestment. At the same time the firm added to its Bullish (BLSH) position, bringing total Bullish purchases over the two days to about $28.5 million.
The figures disclosed in recent trade filings and compiled by market trackers point to a deliberate reshuffling within ARK Invest’s crypto-linked equity exposure. Rather than reducing its footprint in the sector, the firm appears to be rotating capital away from a well-established exchange operator and toward a rival platform that has yet to demonstrate consistent profitability. The moves suggest an active portfolio decision rather than passive rebalancing.
On February 8, ARK sold approximately 134,472 shares of Coinbase, a transaction valued at around $22 million. That sale followed another reduction on February 6 worth roughly $17.4 million, bringing the total two-day decrease in Coinbase exposure to about $39 million. The sales were spread across multiple ARK ETFs, magnifying their visibility in the market.
ARK rotation within crypto exchange exposure
At the same time, ARK increased its exposure to Bullish, directing capital into the competing exchange operator. The firm purchased around $10.7 million in Bullish shares on February 8 and an additional $17.8 million on February 6, resulting in a combined two-day accumulation of roughly $28.5 million. Trade reports indicate that more than 393,000 Bullish shares were acquired across these transactions.
For market participants, the trades send a clear rotation signal within ARK’s crypto exchange holdings. By trimming Coinbase while adding Bullish, the firm is shifting the balance of its exposure rather than exiting the theme altogether. Because the transactions were executed across several ETFs, they also highlight how concentrated ETF flows can influence liquidity and short-term price dynamics, particularly in mid-cap names.
The move does introduce a different risk profile. Increasing exposure to an exchange operator that has reported operating losses shifts more idiosyncratic platform risk into ARK’s ETF baskets. As a result, traders and corporate treasuries may want to monitor upcoming ETF disclosures closely to determine whether this activity represents a short-term tactical adjustment or the beginning of a more durable strategic shift.
Looking ahead, investors will be watching to see whether ARK’s reallocation proves timely as market conditions evolve, and whether Bullish can convert rising institutional interest into stronger financial performance. For traders and crypto treasuries, the immediate takeaway is that active ETF flows remain a meaningful driver of short-term volatility in exchange-listed crypto equities and should be factored into execution planning and risk models.
