Cathie Wood's ARK Invest Buys $172M in Bullish Shares Amid Blockbuster Debut

ARK Invest bought 2.53 million shares of Bullish across three ETFs, worth around $172 million. The stock surged 83.8% on its debut, with a market capitalization above $10 billion. The purchases came despite the stock opening at $90 and hitting an intraday high of $118. The listing follows a wave of high-profile crypto offerings this year, including Circle and Gemini.

ARK Invest, the $15 billion New York-based asset manager known for its bold bets on disruptive technology, recently purchased $172 million worth of Bullish shares across three of its exchange-traded funds (ETFs). The move comes as the digital asset markets have recovered and institutional investors are returning to crypto-linked equities following a wave of positive sentiment in the sector [2].

On Wednesday, August 13, the flagship ARK Innovation ETF (ARKK) bought 1.7 million shares of Bullish (NYSE: BLSH), while the ARK Next Generation Internet ETF (ARKW) acquired 545,416 shares and the ARK Fintech Innovation ETF (ARKF) added 272,755 shares [1]. The purchase was made after Bullish began trading on the New York Stock Exchange (NYSE) on August 13, marking the company's second attempt at a public market debut following a failed SPAC merger in 2021 [3].

Bullish's stock surged 83.8% on its debut, opening at $90 and hitting an intraday high of $118, before closing at $70 on Wednesday, an 89% gain [1]. The company raised $1.1 billion in its IPO and valued the fintech company at $5.41 billion [3]. The listing highlights institutional confidence in the crypto markets, as major asset management firms like BlackRock and Cathie Wood's Ark Invest expressed interest in purchasing up to $200 million worth of shares in the offering [3].

Bullish's main business comes from its Bullish Exchange, a digital assets spot and derivative exchange geared toward institutional-sized clients. The operator processed an average $2.6 billion in daily volume through Q1, according to the company's prospectus [3]. The company's debut comes as the latest sign that the IPO window remains wide open after a few challenging years for investors [3].

The purchase by ARK Invest signals strong confidence in Bullish's long-term prospects, as investors return to crypto-linked equities following a wave of positive sentiment in the sector [2]. Bullish's listing follows a trend of high-profile crypto offerings this year, including Circle and Gemini [1].

References:

[1] https://cryptonews.com/news/ark-invest-buys-2-53m-bullish-shares/
[2] https://www.cryptotimes.io/2025/08/14/ark-invest-buys-172-million-bullish-stock-after-83-8-surge/
[3] https://finance.yahoo.com/news/bullish-stock-ends-first-day-at-70-with-90-gain-giving-crypto-exchange-market-cap-above-10-billion-133442763.html