Cathie Wood’s Ark Invest, the $15 billion New York-based asset management firm, purchased $172 million worth of Bullish shares after the crypto exchange’s stock surged 83.8% in its New York Stock Exchange (NYSE) debut this week.
On August 13, the flagship ARK Innovation ETF (ARKK) bought 1.7 million shares of Bullish (NYSE: BLSH), while the ARK Next Generation Internet ETF (ARKW) acquired 545,416 shares and the ARK Fintech Innovation ETF (ARKF) added 272,755 shares, according to Ark’s latest trading disclosure.
Bullish Stock Jumps on First Day
Bullish, a Gibraltar-headquartered exchange founded in 2021 and backed by billionaire tech investor and PayPal Co-Founder Peter Thiel, priced its initial public offering (IPO) at $37 per share, above projections.
On Tuesday, August 12, it opened at $90, soaring 200% at the start, before closing Wednesday at $68. After-hours trading added another 11.2%, per Yahoo Finance.
In the IPO, the company raised $1.1 billion and planned to use the proceeds in corporate growth, working capital, and possible acquisitions. Bullish is an attempt to offer a regulated, institutional-level trading platform, and it is poised to grow in a more accommodative U.S. regulatory environment.
“Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up,” said Jeff Zell of IPO Boutique.
Ark’s high-profile purchase signals strong confidence in Bullish’s long-term prospects, as investors return to crypto-linked equities following a wave of positive sentiment in the sector.
Also Read: Cathie Wood’s Ark Invest Adds 262K Block Shares Amid Price Slump
