ARK Invest Increases Bullish Stake with Latest $8.2 Million Investment
ARK Invest, led by Cathie Wood, has expanded its position in crypto exchange Bullish by purchasing over 160,000 shares worth approximately $8.21 million. This acquisition was made through two of its funds: the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), which bought 120,609 shares and 40,574 shares respectively.
With this latest purchase, ARK’s total holdings in Bullish stock now exceed $129 million across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF). The firm initially backed Bullish at its New York Stock Exchange debut in August, acquiring 2.53 million shares valued at roughly $172 million at that time.
Rebuilding Position After Price Decline
Earlier in September, ARK Invest bought $7.5 million worth of Bullish shares, following a $21 million purchase in late August. Despite these acquisitions, ARK’s current total shares in Bullish stand at 2.52 million, suggesting the firm has taken some profits and is now selectively increasing its holdings amid a significant stock price drop.
Since its August 13 IPO, Bullish shares surged to an intraday peak of $118, a 218% increase from the $37 offering price. However, the stock has retraced substantially, closing at $51.36 on Tuesday—down nearly 57% from its peak.
Financial Performance and Market Sentiment
Bullish reported a 0.2% year-over-year revenue decline and a 270% decrease in operating income for the quarter ending March. The company is scheduled to announce its second-quarter results on Thursday, marking its first earnings report since going public.
Market analysts hold varying views on Bullish’s prospects. Jefferies assigned a “hold” rating, while JP Morgan and Bernstein issued “neutral” recommendations. Conversely, Cantor Fitzgerald rated the stock as “overweight,” indicating expectations for outperformance.
Broader Crypto Stock Accumulation by ARK
Alongside Bullish, ARK Invest has been increasing exposure to other crypto-related equities. The firm added $4.4 million worth of BitMine shares in early September, bringing its total BitMine stake to $284 million. It also holds $193 million in shares of Block, a financial services company backed by Jack Dorsey, as of mid-August.
FinOracleAI — Market View
ARK Invest’s continued accumulation of Bullish shares demonstrates a strategic commitment to crypto exchange equities despite recent volatility and mixed analyst sentiment. The firm’s partial profit-taking followed by renewed buying suggests a cautious but optimistic stance on Bullish’s long-term potential. Key risks include Bullish’s declining financial metrics and near-term earnings performance, which will be closely watched following the upcoming quarterly report.
Impact: neutral
