 ▲ Cathie Wood, Bitcoin (BTC), Gold/ChatGPT-generated image |
Cathie Wood, CEO of ARK Invest and a leading figure in the digital asset market, carried out a sweeping portfolio overhaul by offloading a large stake in Coinbase amid a sharp market downturn and building positions in a new platform.
According to cryptocurrency-focused outlet Cointelegraph on February 8 (local time), ARK Invest recently sold approximately $22.1 million worth of shares in cryptocurrency exchange Coinbase (COIN). The sale took place during a market slump in which Bitcoin (BTC) prices were threatened near the $60,000 level, drawing attention as it marked Wood’s first reduction in Coinbase exposure this year.
ARK Invest sold 92,737 shares from the ARK Innovation ETF (ARKK), 32,790 shares from the ARK Next Generation Internet ETF (ARKW), and 8,945 shares from the ARK Fintech Innovation ETF (ARKF). Having offloaded a total of 134,472 Coinbase shares, ARK had already sold an additional $17.4 million worth the previous Thursday, indicating intensifying selling pressure.
In contrast to trimming Coinbase, ARK Invest actively accumulated shares of another digital asset platform, Bullish (BLSH). On Friday alone, ARK purchased about 393,057 shares worth roughly $10.7 million, following a $17.8 million buy the day before, underscoring strong conviction. Despite Bullish recording a net loss of $563.6 million in the fourth quarter, Wood’s move has prompted a reassessment of the company’s potential as a digital asset infrastructure provider.
Coinbase shares rose 13% to close around $165 on Friday despite ARK’s heavy selling, though they remain down 26% year to date. As Bitcoin retreats significantly from its peak and trades below $70,000, crypto-related stocks have also faced broad downward pressure and heightened volatility. ARK’s actions are viewed as a result of its portfolio management rule limiting any single holding to no more than 10% of a fund, combined with a flexible response to market conditions.
As uncertainty persists in the digital asset market, Wood’s portfolio adjustments are becoming an important barometer of how institutional investors assess the current market position. ARK Invest appears to be realizing short-term gains from Coinbase rallies while securing undervalued new assets such as Bullish in preparation for a long-term upcycle. Market analysts expect ARK’s trading patterns to serve as a key indicator in identifying a potential bottom for crypto-related equities.
*Disclaimer: This article is for informational purposes only and does not assume responsibility for any investment losses based on its content.*