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ARK Invest, led by Cathie Wood, has increased its Bullish holdings to nearly $130 million after acquiring more than 160,000 shares across its ETFs.
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Despite Bullish’s post-IPO slump and mixed analyst outlooks, ARK is doubling down on crypto-related equities, signaling strong conviction in the sector’s long-term growth.
Cathie Wood’s ARK Invest has deepened its exposure to the crypto exchange Bullish, scooping up more than 160,000 shares in its latest round of buying. The move adds over $8.2 million worth of Bullish stock to ARK’s portfolio, further signaling Wood’s conviction in crypto-related equities despite recent volatility.
According to a Tuesday filing, ARK Innovation ETF (ARKK) purchased 120,609 Bullish shares, while ARK Next Generation Internet ETF (ARKW) added 40,574 shares. Combined, these purchases brought ARK’s total Bullish holdings across ARKK, ARKW, and its ARK Fintech Innovation ETF (ARKF) to over $129 million.
Rebuilding Its Bullish Position
This is not ARK’s first foray into Bullish. At the exchange’s New York Stock Exchange debut in August, ARK snapped up 2.53 million shares worth $172 million. Since then, however, Bullish’s stock has struggled to maintain its post-IPO highs, prompting ARK to adjust its position.
Earlier this month, ARK bought $7.5 million worth of Bullish shares and previously acquired $21 million on August 20. Yet despite these purchases, its total holdings now stand at 2.52 million shares , slightly lower than its initial position, suggesting the firm took partial profits before reloading on the dip.
Bullish Stock Under Pressure
Bullish (BLSH) shares skyrocketed on listing day, hitting an intraday high of $118, a remarkable 218% jump from its IPO price of $37. But the rally was short-lived. The stock has since retreated sharply, closing flat at $51.36 on Tuesday, nearly 57% below its peak.
The company’s fundamentals have also raised eyebrows. Revenue for the quarter ending March slipped 0.2% year-over-year, while operating income plunged 270%. Investors are now waiting for Bullish’s second-quarter earnings, set to be released Thursday, which will mark its first report as a publicly traded firm.
Analysts Divided on Outlook
Wall Street remains divided on Bullish’s long-term prospects. Jefferies initiated coverage with a “hold” rating, while JP Morgan and Bernstein both issued “neutral” outlooks. In contrast, Cantor Fitzgerald assigned an “overweight” rating, suggesting confidence in Bullish’s ability to outperform peers.
For ARK, however, the decision appears clear: Bullish represents an opportunity in a fast-growing digital asset market.
Expanding Crypto Bets
ARK’s latest Bullish scoop comes as part of a broader strategy of accumulating crypto-related stocks. On September 9, the firm acquired $4.4 million worth of BitMine, lifting its total holdings in the Bitcoin mining company to 6.7 million shares valued at $284 million.
Additionally, ARK has built a significant stake in Jack Dorsey’s Block, holding $193 million in shares as of mid-August.
With ARK doubling down on Bullish despite its rocky debut, Cathie Wood continues to demonstrate her high-conviction bet on digital asset infrastructure. Whether this latest move pays off may depend on Bullish’s ability to deliver results in its upcoming earnings report and stabilize investor sentiment.
