ARK Invest buys $172M in Bullish shares as stock surges 83.8% on IPO debut

ARK Invest has significantly expanded its position in the newly public crypto exchange Bullish, purchasing $172 million worth of shares across three of its ETFs on the company’s first day of trading. Cathie Wood’s firm acquired a total of 2.53 million shares, distributed among the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). ARKK was the largest buyer, acquiring 1,714,522 shares, while ARKW and ARKF added 545,416 and 272,755 shares respectively [1]. At the $68 closing price, the total purchase value amounted to approximately $172 million.

The debut of Bullish as a public company was marked by a dramatic rally, with its stock closing 83.8% above its $37 IPO price. Shares opened at $90 and briefly climbed to $118—an over 215% gain from the IPO price—before retreating to $68 at the close [1]. The stock closed the day with a market capitalization above $10 billion, and it continued to rise by 11.2% in after-hours trading. The IPO priced above earlier expectations, raising $1.1 billion through the sale of 30 million shares [1].

This represents Bullish’s second attempt to go public. In 2021, the company had attempted a SPAC merger but abandoned the effort amid deteriorating market conditions and rising interest rates [1]. This time, Bullish successfully navigated a traditional IPO, reflecting stronger investor appetite for crypto-related assets.

The Bullish IPO is part of a broader trend of high-profile listings in the crypto industry. Earlier this year, Circle, the issuer of the USDC stablecoin, raised $1.1 billion in its public offering, with a 167% first-day gain [1]. Gemini, the exchange co-founded by Cameron and Tyler Winklevoss, has also filed for a US listing [1]. These developments indicate a resurging interest in crypto infrastructure and services.

ARK Invest’s investment in Bullish, a firm that operates CoinDesk and is domiciled in the Cayman Islands, underscores the firm’s continued commitment to innovation-driven sectors. The move aligns with ARK’s broader strategy to support companies leveraging disruptive technologies. Given the stock’s strong performance on the first day, the investment is already delivering substantial gains for the firm’s ETF investors [1].

Source: [1] ARK Invest Buys $172M in Bullish Shares on IPO Debut (https://cointelegraph.com/news/ark-invest-buys-172m-bullish-shares-on-ipo-debut)