ARK Invest buys 2.53M Bullish shares as stock jumps 83.8% post-IPO

ARK Invest’s Cathie Wood-led firm made a significant entry into Bullish’s New York Stock Exchange debut, purchasing 2.53 million shares across three ETFs within hours of the listing. The purchase, totaling approximately $172 million at the $68 closing price, includes 1.71 million shares in ARK Innovation (ARKK), 545,416 in Next Generation Internet (ARKW), and 272,755 in Fintech Innovation (ARKF) [1]. This move represents one of the most aggressive new positions ARK has taken this year, signaling a focus on crypto market infrastructure rather than direct exposure to digital tokens.

Bullish’s stock opened at $90, surged to an intraday high near $118, and closed at $68 on the day, representing an 83.8% increase from its $37 IPO price. The company raised approximately $1.1 billion through the offering of 30 million shares, pushing its fully diluted valuation into the ten-digit range and resulting in a post-close market capitalization north of $10 billion [1]. The explosive debut aligns with a broader resurgence in risk appetite across both digital assets and equities.

Bullish differentiates itself through its hybrid business model, operating as a regulated crypto exchange focused on deep liquidity and institutional-grade services. The company also owns CoinDesk, which it acquired in 2023, offering a rare combination of market infrastructure and media under a single corporate umbrella. Management has indicated that IPO proceeds will be used for general corporate purposes and potential acquisitions, aiming to strengthen its capabilities as trading volumes rise [1].

Looking ahead, traders are watching for signs that the initial euphoria may give way to a more typical IPO consolidation phase or whether continued ETF-driven demand will sustain the upward trajectory. Key technical markers include the behavior of the stock in the $90–$118 range, the depth of the order book, and the impact of lock-up expirations. With ARK having planted a significant flag in the market, BLSH has now become a liquid public proxy for crypto exchange economics, offering investors a new way to access the sector without directly holding digital assets [1].

The firm’s aggressive positioning reflects growing institutional interest in crypto infrastructure and highlights the evolving ways in which public markets are re-rating the sector’s cash flow potential. As Bullish’s stock continues to trade, its performance could influence broader market sentiment toward crypto equities and ETF allocations in the near term [1].

Source: [1] ARK Invest Buys 2.53M Shares as Stock Soars Past $118 (https://crypto-economy.com/bullish-ipo-frenzy-ark-invest-buys-2-53m-shares-as-stock-soars-past-118/)