Ark Invest, the firm of noted tech investor Cathie Wood, sold more than $19 million in shares of crypto exchange Coinbase (COIN) on Thursday—just days after buying more COIN—as Bitcoin’s price fell rapidly to a bottom of nearly $60,000.
The firm sold 119,236 shares of COIN across three of its actively managed ETFs as shares of COIN fell to their lowest price since last March. Shares in the American crypto exchange have now fallen almost 48% over the last six months, despite a jump of nearly 9% on Friday to change hands around $159.13.
The COIN sale comes just days after Wood’s firm had added to its Coinbase position, according to data from Cathie’s Ark. Coinbase represents Ark Invest’s seventh-largest investment, currently valued around $425 million worth, across its various ETFs.
While it reduced its position in the exchange, the firm also added to other positions of crypto-related equities as crypto prices fell, with Bitcoin dropping to a low of $60,255 and ETH falling to $1,756.
Even with prices ticking back up Friday, BTC remains down about 17% on the week at a price near $69,000, with Ethereum showing a 27% dive over the last seven days as ETH sits just under $2,000.
Crypto Sentiment Sinks to Lowest Level in 3.5 Years
Despite dumping COIN shares, Ark added more than 716,000 shares of crypto exchange Bullish (BLSH) on Thursday, now valued at more than $19 million as BLSH trades around $27.00—up almost 8% a day after crypto stocks plunged. Ark now maintains around $138 million worth of shares in Bullish, which reported Q4 losses of around $536 million on Thursday.
Wood’s firm also added to its stash of shares in Brera Holdings (SLMT), also known as Solmate, a Solana treasury and infrastructure company. The addition, 150,000 shares—now valued around $172,500—comes despite the fact that all major crypto treasury firms are now underwater on their digital assets as crypto prices, including Solana’s, fell heavily on Thursday.
Gold Is the Real Bubble, Says Ark Invest’s Cathie Wood—Not AI
SOL, which has underperformed its major peers Bitcoin and Ethereum, has dropped 39% in the last month and is now 71% off its January 2025 all-time high, changing hands recently at $84.01.
Ark Invest’s Thursday acquisitions, which also included shares in Google parent company Alphabet (GOOG), come amid broader concerns and macroeconomic uncertainty around artificial intelligence (AI).
But Wood remains adamant that AI is not the bubble to fear, instead pointing to the rise in precious metals like gold as the real markets bubble.
