Cathie Wood's Ark Invest Buys 2.5mln BLSH Shares Worth $172mln Across Multiple Funds

Cathie Wood's Ark Invest purchased 2,532,693 shares of Bullish (BLSH) at a closing price of $68, totaling a position value of $1.722 billion. The purchases were made across three funds: ARKK (1,714,522 shares), ARKW (545,416 shares), and ARKF (272,755 shares).

Cathie Wood's Ark Invest has significantly bolstered its position in Bullish (BLSH) by purchasing 2,532,693 shares of the cryptocurrency exchange operator. The purchase was made at a closing price of $68 per share, totaling a position value of $1.722 billion. The acquisitions were distributed across three of Ark Invest's funds: ARKK (1,714,522 shares), ARKW (545,416 shares), and ARKF (272,755 shares).

The move comes as Bullish closed its first day of trading at $70, up nearly 90% from its IPO price of $37 per share. The stock had opened at $90 and surged as high as $118 before being halted due to volatility [1]. Bullish's IPO raised $1.1 billion and valued the company at $5.41 billion, with BlackRock and Ark Invest expressing interest in purchasing up to $200 million worth of shares [1].

This investment aligns with Ark Invest's contrarian strategy, which often involves buying undervalued tech assets during market downturns. The purchase reflects confidence in the long-term potential of fintech and blockchain technologies, as well as the growing institutional interest in digital finance integration [3]. Bullish's main business, the Bullish Exchange, processes an average of $2.6 billion in daily volume, targeting institutional clients [1].

The purchase follows a broader trend of institutional investment in the crypto sector. For instance, Bullish's IPO was backed by BlackRock and Ark Invest, and other recent crypto IPOs like Circle (CRCL) and Figma (FIG) have also seen significant institutional support [1, 2]. Additionally, major cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) have experienced substantial price increases this year, further fueling investor confidence in the sector [1].

References:
[1] https://finance.yahoo.com/news/bullish-stock-opens-at-90-surges-more-than-200-giving-crypto-exchange-market-cap-above-16-billion-133442772.html
[2] https://finance.yahoo.com/news/cathie-wood-bets-19-million-023104379.html
[3] https://www.ainvest.com/news/ark-invest-buys-19-2m-block-shares-fintech-growth-bets-2508/