Cathie Wood’s firm adds over 160,000 shares in latest acquisition
Cathie Wood’s ARK Invest has deepened its exposure to the digital asset sector, significantly expanding its position in Bullish (BLSH). With a fresh purchase of more than 160,000 shares this week, the investment manager now holds nearly $130 million worth of Bullish stock across its exchange-traded funds (ETFs).
ARK Invest’s Latest Bullish Share Purchase
According to a recent filing, ARK Invest acquired approximately $8.2 million worth of Bullish shares on Tuesday. The buy was split between two of its ETFs — the ARK Innovation ETF (ARKK), which added 120,609 shares, and the ARK Next Generation Internet ETF (ARKW), which picked up 40,574 shares.
This latest scoop adds to ARK’s existing holdings across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF). The firm now owns a combined 2.52 million shares in Bullish, worth more than $129 million.
“ARK’s consistent allocation toward Bullish reflects a long-term conviction in crypto exchanges as an essential gateway for the next wave of digital finance,” said a New York-based market strategist.
Position Building After Stock Decline
ARK has been active in building and reshaping its Bullish position since the company’s New York Stock Exchange debut in mid-August, when it acquired 2.53 million shares valued at $172 million at the time.
However, Bullish stock has struggled post-IPO, falling from its intraday high of $118 on debut day to $51.36 at Tuesday’s close — down nearly 57% from its peak. Despite the drop, ARK appears to be using the pullback as a buying opportunity.
Bullish will release its second-quarter earnings this week, its first results since going public. Analysts remain divided: Jefferies issued a “hold” rating, while JP Morgan and Bernstein gave neutral outlooks. In contrast, Cantor Fitzgerald rated the stock “overweight,” projecting it may outperform peers.
In addition to Bullish, ARK has been accumulating other digital asset-related stocks. Earlier this month, it purchased $4.4 million in BitMine shares, raising its stake to 6.7 million shares worth $284 million. ARK also maintains a significant position in Block (formerly Square), valued at around $193 million.
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.