Cathie Wood’s firm takes major stake as crypto exchange makes blockbuster Wall Street debut
In a dramatic first day of trading, crypto exchange Bullish surged nearly 84% from its IPO price, attracting the attention of high-profile investor Cathie Wood’s ARK Invest, which purchased $172 million worth of shares across three of its exchange-traded funds.
According to trade filings, the ARK Innovation ETF acquired roughly 1.71 million shares, the ARK Next Generation Internet ETF picked up over 545,000 shares, and the ARK Fintech Innovation ETF added another 272,000 shares. At Bullish’s $68 closing price, the total stake is valued at approximately $172 million.
The Cayman Islands–headquartered exchange opened at $90 per share, well above its $37 IPO price, hitting an intraday high of $118 before settling back. The rally pushed Bullish’s market capitalization beyond $10 billion, with after-hours trading adding another 11%.
The company raised $1.1 billion by selling 30 million shares, surpassing initial price guidance of $32–$33 per share. This IPO follows Bullish’s unsuccessful 2021 attempt to go public via a SPAC deal, which collapsed amid unfavorable market conditions.
Part of a Larger Crypto IPO Wave
Bullish’s blockbuster debut comes during a surge of cryptocurrency-related listings. In June, Circle, issuer of the USDC stablecoin, raised $1.1 billion in its public debut, achieving a 167% first-day gain. Other exchanges, such as Gemini, are also preparing for U.S. listings.
With major institutional players buying in and IPO valuations exceeding expectations, the crypto sector appears to be regaining momentum in public markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.