ARK Innovation ETF (ARKK) surged 6.05% during intraday trading on Friday, marking a significant upward movement for the actively managed fund.

The sharp rise appears linked to trading activity by its manager, ARK Invest. According to reports, ARK executed a $17 million crypto sector shift, selling approximately 119,236 shares of Coinbase (COIN) across several of its funds while purchasing shares of Bullish (BLSH). This repositioning is described as a tactical, bullish bet on digital assets, demonstrating a willingness to stay exposed to crypto infrastructure while adjusting exposure based on changing market leaders.

The purchase of Bullish shares was reportedly made in direct response to the company's latest quarterly earnings, which surpassed Wall Street analysts' expectations. Bullish reported revenue of $92.5 million, representing a 68% year-over-year increase, despite posting a loss per share. ARK Invest's move suggests it views the recent decline in Bullish's stock price as a strategic opportunity, contributing to positive sentiment around ARK's investment decisions and the fund's performance.