TL;DR
- Cathie Wood’s ARK Invest purchased more than 160,000 shares of Bullish worth $8.21 million, strengthening its exposure to crypto equities.
- The firm now holds over $129 million in Bullish stock across three ETFs.
- Despite recent price drops and mixed analyst sentiment, ARK continues to accumulate crypto-related positions.
ARK Invest has increased its position in crypto exchange Bullish by purchasing over 160,000 shares valued at $8.21 million, according to Tuesday’s regulatory filing. The shares were added to two of ARK’s flagship funds, with the ARK Innovation ETF acquiring 120,609 shares and the ARK Next Generation Internet ETF securing 40,574. This latest move brings ARK’s overall Bullish stake to more than $129 million across three ETFs, reflecting a steady commitment to crypto-focused equities.
ARK was one of the earliest institutional backers of Bullish, investing $172 million at the company’s New York Stock Exchange debut in mid-August. That initial entry amounted to 2.53 million shares, although the firm has since adjusted its position by taking profits and later returning with fresh buys. The new additions follow other recent purchases, including $7.5 million earlier this month and a $21 million deal on August 20, showing a pattern of rebuilding as the stock pulls back.
Bullish Stock Faces Price Pressure
Bullish’s share price has been volatile since its IPO. After debuting at $37, the stock surged to $118 on listing day, only to fall back sharply. As of Tuesday’s close, Bullish traded at $51.36, down almost 57% from its peak. The company has reported limited revenue growth and a steep 270% decline in operating income for the quarter ending in March. Its first post-IPO earnings report is expected on Thursday, a moment analysts see as critical for future valuation.
ARK Expands Broader Crypto Exposure
Despite the uncertainty surrounding Bullish, ARK is broadening its crypto equity strategy. The firm recently expanded its position in Bitcoin mining company BitMine, purchasing $4.4 million worth of shares to bring its total to 6.7 million shares valued at $284 million. Additionally, ARK maintains a $193 million stake in Jack Dorsey’s Block, further diversifying its exposure across different corners of the digital asset ecosystem.
While analysts remain split on Bullish, with Jefferies, JP Morgan, and Bernstein maintaining neutral outlooks and Cantor Fitzgerald rating it overweight, ARK’s consistent accumulation signals confidence. For Wood and her team, the pullbacks are seen as opportunities to reinforce positions in companies driving the evolution of the crypto sector.
