Cathie Wood's Ark Invest Dumps Coinbase Shares Amid Bitcoin Crash
Ark Invest sold over $19 million worth of Coinbase (COIN) shares—119,236 shares across three ETFs—after Bitcoin’s price plunged to nearly $60,000. This sale followed recent COIN purchases by Ark, which currently holds about $425 million in Coinbase across its funds. COIN shares have dropped 48% over six months despite a 9% rebound to $159.13. As crypto prices tumbled—with Bitcoin falling 17% for the week and Ethereum 27%—Ark increased holdings in other crypto-related equities. The firm bought more than 716,000 shares of trading platform Bullish (BLSH), now holding about $138 million in BLSH despite Bullish reporting a $536 million Q4 loss. Ark also added 150,000 shares in Brera Holdings (Solmate), a Solana-focused company, even as Solana fell 39% in a month and is down 71% from its peak. The firm additionally acquired Alphabet (GOOG) shares. Despite increased volatility and concerns over AI, Cathie Wood argues that gold, not AI, represents a true market bubble.
