ARK Invest Boosts Bullish Stake to $129M With Fresh $8.2M Purchase

Cathie Wood’s ARK Invest has expanded its exposure to crypto exchange Bullish, scooping up another $8.2 million worth of shares as the firm rebuilds its position in the recently listed stock.

ARK Adds Over 160K Shares

A Tuesday filing revealed ARK purchased 161,183 Bullish (BLSH) shares across two funds:

• ARK Innovation ETF (ARKK): 120,609 shares

• ARK Next Generation Internet ETF (ARKW): 40,574 shares

The buy brings ARK’s total Bullish holdings across ARKK, ARKW, and ARK Fintech Innovation ETF (ARKF) to more than 2.52 million shares valued at $129 million

Rebuilding After Profit-Taking

ARK first entered Bullish at its NYSE debut in mid-August, acquiring 2.53 million shares worth $172M. Since then, the firm has been actively trading the stock—booking partial profits as prices slid and later rebuilding its position.

Earlier this month, ARK added $7.5M worth of Bullish shares, following a $21M purchase on Aug. 20.

Bullish Stock Down From IPO Peak

Bullish shares initially skyrocketed, hitting $118 intraday on Aug. 13, a 218% jump from its $37 IPO price. But momentum faded quickly—BLSH now trades around $51.36, nearly 57% below its peak, according to Google Finance.

The exchange reported flat revenue and a 270% drop in operating income for the quarter ending March. Investors are now awaiting its first post-IPO earnings report on Thursday.

Analysts Split on Bullish Outlook

Wall Street sentiment remains mixed:

• Jefferies: Hold

• J.P. Morgan & Bernstein: Neutral

• Cantor Fitzgerald: Overweight (expects outperformance)

ARK’s Broader Crypto Bets

Beyond Bullish, ARK has steadily accumulated other crypto-linked equities:

• BitMine: $284M stake across 6.7M shares (latest $4.4M buy on Sept. 9)

• Block (SQ): $193M position as of Aug. 12