Cathie Wood’s ARK Invest has expanded its position in crypto exchange Bullish, purchasing more than 160,000 shares in its latest move into digital asset-linked stocks.
According to a filing on Tuesday, ARK acquired around $8.21 million worth of Bullish stock. The purchases were spread across two of its funds — the ARK Innovation ETF (ARKK) with 120,609 shares and the ARK Next Generation Internet ETF (ARKW) with 40,574 shares.
The firm now holds over $129 million worth of Bullish shares across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF).
Long-Term Backing of Bullish
ARK has been a strong supporter of Bullish since the exchange’s New York Stock Exchange debut last month. At the time, it purchased 2.53 million shares, valued at $172 million.
The investment firm has been actively trading the stock since then. Earlier this month, it picked up $7.5 million worth of shares, following a $21 million buy on 20 August. Despite these moves, ARK’s total holdings now stand at 2.52 million shares — slightly less than its initial stake, suggesting it has taken partial profits and re-entered as prices fell.
Shares of Bullish (BLSH) surged on listing day, reaching an intraday high of $118. This marked a 218% jump from its IPO price of $37.
However, the rally was short-lived. Since its 13 August debut, the stock has dropped sharply and closed Tuesday at $51.36, nearly 57% down from its peak, according to Google Finance.
Earnings and Outlook Ahead
Bullish reported a small revenue decline of 0.2% year-on-year for the quarter ending March. Its operating income fell sharply, down 270% during the same period.
The company is due to release its second-quarter results on Thursday — its first earnings report as a publicly traded firm.
Analysts remain divided on the stock. While some have taken a neutral stance, others are more optimistic, suggesting Bullish may still have room to outperform in the longer term.
