Cathie Wood’s ARK Invest increased its exposure to crypto exchange Bullish on Monday, purchasing $10.2 million worth of shares as the stock hit a new all-time low amid a steep sell-off in crypto-related equities.
ARK’s daily trade filing shows the ARK Innovation ETF (ARKK) bought 191,195 Bullish shares, while ARKW added 56,660 and ARKF acquired 29,208.
The purchases follow a 4.5% drop in Bullish’s share price to $36.75 on Monday, deepening a months-long decline that has driven the stock down nearly 46% over the past six months.
The timing also comes one day before Bullish’s third-quarter earnings, set for Wednesday. The Peter Thiel–backed exchange reported $57 million in adjusted revenue in Q2—down from $67 million a year earlier—but managed to swing to $108.3 million in net income, reversing last year’s $116.4 million loss.
Crypto stocks tumble amid broad market sell-off
Crypto-related equities have been hit hard in the latest market downturn, with mining and infrastructure firms seeing some of the steepest losses. Marathon Digital (MARA) fell 4% on Monday and continues to struggle after a week-long slide. Riot Platforms (RIOT) and CleanSpark (CLSK) also closed in the red.
Michael Saylor’s Bitcoin treasury firm Strategy slipped 2% on Monday, extending its decline to more than 18% over the past five trading days.
Meanwhile, stablecoin issuer Circle (CRCL)—which went public earlier this year—ended the day down over 6%, bringing its five-day loss to more than 26%.
Coinbase—the largest U.S. crypto exchange—was also caught in the downturn. COIN fell 7% to $263.95, sliding steadily throughout the session as risk assets broadly sold off.
Bitcoin may be nearing a bottom, say Tom Lee and Matt Hougan
Bitcoin could be approaching a market bottom as early as this week, according to BitMine chairman Tom Lee and Bitwise CIO Matt Hougan.
Lee pointed to lingering anxiety from the Oct. 10 liquidation wave and uncertainty over potential Federal Reserve rate cuts in December as key drivers of the latest sell-off. He added that technical indicators suggest the downturn is nearing exhaustion, citing analysis from Tom Demar of Demar Analytics.
Hougan agreed, describing the current price zone as a “generational opportunity” for long-term investors. He attributed the weakness to a mix of ETF outflows, whale selling, geopolitical tensions, concerns over AI valuations, and worries surrounding President Trump’s tariff policies.
