Cathie Wood’s ARK Invest has acquired more than 160,000 shares of crypto exchange Bullish in its latest push into crypto-related stocks.
According to a Tuesday filing, the firm purchased approximately $8.21 million worth of Bullish shares across two of its funds: the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). ARKK bought 120,609 shares, while ARKW added 40,574 shares.
With this latest purchase, ARK Invest now holds over $129 million in Bullish stock across ARKK, ARKW, and its ARK Fintech Innovation ETF (ARKF).
Cathie Wood’s ARK Invest has been backing crypto exchange Bullish since its debut on the New York Stock Exchange last month, when it acquired 2.53 million shares valued at $172 million at the time.
The firm’s latest purchase reflects an effort to rebuild its Bullish holdings. Earlier this month, ARK bought $7.5 million worth of Bullish shares and had also acquired $21 million worth of the stock on Aug. 20. Despite these recent buys, ARK’s total Bullish holdings across its three ETFs currently stand at 2.52 million shares, suggesting the firm booked partial profits and is now reacquiring the stock after its price dropped significantly post-IPO.
Bullish stock drops after strong debut
Bullish (BLSH) saw its shares surge on its listing day, reaching an intraday high of $118, up 218% from its IPO price of $37. However, since its debut on Aug. 13, the stock has retraced much of its gains and closed Tuesday flat at $51.36, down nearly 57% from its all-time high, according to Google Finance.
The company reported a 0.2% year-over-year revenue decline for the quarter ending March, while operating income fell 270% over the same period. Bullish is set to release its second-quarter results on Thursday, its first since going public.
Analyst sentiment on Bullish is mixed. Jefferies recently initiated a “hold” rating, while JP Morgan and Bernstein also assigned “neutral” ratings. Conversely, Cantor Fitzgerald gave the stock an “overweight” rating, signaling expectations that it could outperform.
ARK continues crypto-related investments
In addition to Bullish, ARK has been accumulating other crypto-related stocks. The firm purchased $4.4 million in BitMine on Sept. 9, bringing its total stake to 6.7 million shares valued at $284 million. ARK also acquired shares in Jack Dorsey-backed financial services company Block, holding $193 million worth of Block shares as of Aug. 12.
