Cathie Wood's Ark Invest buys Bullish, trims Coinbase as crypto-related stocks slide
Quick Take
- Cathie Wood’s Ark Invest purchased $17.8 million worth of Bullish shares across three of its exchange-traded funds on Thursday, while shedding $17.4 million worth of Coinbase.
- The moves came as crypto-related stocks fell broadly, with Bullish closing down 8.5% and Coinbase dropping 13.3%.
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Cathie Wood's Ark Invest bought additional Bullish shares on Thursday while trimming a similar dollar amount of Coinbase stock, as it continued to adjust its crypto-related exposure amid a broader market sell-off.
Ark's latest trading disclosures show the firm purchased a total of 716,030 Bullish shares across three of its exchange-traded funds, totaling about $17.8 million based on Thursday's closing prices.
Meanwhile, Ark sold 119,236 Coinbase shares worth roughly $17.4 million on the same day.
The moves came as crypto-related stocks fell broadly on Thursday. Bullish shares closed down 8.5% at $24.90, extending their monthly decline to 39.6%, while Coinbase fell 13.3% to $146.12, bringing its losses over the same period to 41.7%.
The stocks' performance mirrored weakness in the broader crypto market. Bitcoin fell to around $60,000 at one point on Thursday before partially recovering above $65,000 on Friday, according to The Block's prices page. Ether slid 11.6% over the past 24 hours to around $1,900.
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