ARK Invest’s portfolio boosted stakes in Bullish and Robinhood on August 19 as crypto stocks tumbled.
ARK Invest grows Bullish stake following IPO
On August 19, ARK’s flagship Innovation ETF (ARKK) added 356,346 shares of Bullish, a purchase valued at roughly $21.2 million, based on the closing price of $59.51. This comes after ARK’s earlier investment of 2.53 million Bullish shares, worth about $172 million, spread across three ETFs on the exchange operator’s debut trading day. With these latest acquisitions, ARKK now holds more than 1.16 million Bullish shares, totaling approximately $73.85 million in value.
For context, Bullish raised $1.1 billion in its IPO by selling 30 million shares at $37 each. The stock opened strongly, surging as much as 215% intraday to $118 before settling lower.
Robinhood purchases extend for a third consecutive day
ARK Invest further boosted its Robinhood Markets (HOOD) stake, acquiring 150,908 shares valued at approximately $16.2 million, based on Tuesday’s closing price of $107.50. This marks the third straight day of purchases, following $9 million on Friday and $14 million on Monday.
Robinhood has been a consistent holding for ARK, though the firm trimmed portions of its position in 2024 to comply with SEC Rule 12d3-1, which limits ETF ownership of securities tied to registered brokers or advisers to 5% of assets.
These latest buys come amid weakness in crypto-related stocks, suggesting ARK sees the recent sell-off as a buying opportunity. On Tuesday, both Bullish and Robinhood fell more than 6%, closing at $59.51 and $107.50, respectively.
