Bullish's 8.87% Drop on $570M Volume Ranks 149th as Cathie Wood's ETFs Double Down on Crypto-Media Hybrid

On August 18, 2025, Bullish (BLSH) closed at $68.09, reflecting an 8.87% decline from its previous session. The stock traded with a $0.57 billion dollar volume, ranking 149th in market activity. The move follows a volatile post-IPO trajectory despite institutional backing from major investors.

Ark Invest’s Cathie Wood has emerged as a key institutional stakeholder, acquiring 2.5 million shares across three flagship ETFs following Bullish’s high-profile listing. This positions Ark Innovation ETF (ARKK) with 1.18 million shares, ARK Next Generation Internet ETF (ARKW) with 479,286 shares, and ARK Fintech Innovation ETF (ARKF) with 261,876 shares. The strategic allocation underscores confidence in the firm’s hybrid model combining institutional-grade crypto trading with media influence via its acquisition of CoinDesk.

Bullish’s IPO on July 2, 2025, saw shares surge from $37 to an intraday peak of $118 before retreating to $69.54 by August 15. The offering raised $1.1 billion through 20.3 million shares, with BlackRock and other institutional investors expressing pre-listing interest in allocating up to $200 million. Despite a 45% pullback from its high, the stock remains 88% above its IPO price, demonstrating resilience amid broader market volatility.

The company’s financials highlight rapid growth in digital asset sales, which reached $250.2 billion in 2024 from $72.9 billion in 2022. However, Q1 2025 revealed a $348.6 million net loss, contrasting with a $104.8 million profit in Q1 2024. Bullish’s balance sheet as of March 31 included $1.73 billion in Bitcoin holdings, $144 million in stablecoins, and $28.3 million in cash, reflecting its dual focus on crypto liquidity and institutional infrastructure.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day resulted in a total profit of $2,340 from 2022 to the present. This generated a cumulative return of 23.4% on the initial investment, indicating a modest but positive performance under the specified conditions.