ARK Invest, under Cathie Wood’s leadership, has acquired over 160,000 shares of the crypto exchange Bullish in its recent purchase of crypto-related stocks.
In a filing released on Tuesday, the firm disclosed an investment of approximately $8.21 million in Bullish shares through two of its funds: the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), acquiring 120,609 shares and 40,574 shares, respectively.
ARK Invest’s total holdings in Bullish now exceed $129 million across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF).
ARK has shown support for Bullish since its listing on the New York Stock Exchange last month, initially acquiring 2.53 million shares valued at $172 million.
ARK’s recent acquisition aims to strengthen Bullish position
The investment firm previously bought $7.5 million in Bullish shares earlier this month and had invested $21 million in Bullish stock on Aug. 20.
Despite these recent purchases, ARK’s total holdings in Bullish across its three ETFs currently stand at 2.52 million shares, indicating that the firm has taken some partial profits and is now re-entering the stock after its significant decline since its debut.
Bullish stock declines post-IPO
On its listing day, shares of Bullish (BLSH) surged, reaching an intraday high of $118, reflecting a 218% increase from its IPO price of $37.
However, since its debut on Aug. 13, the stock has lost much of its gains, closing on Tuesday at $51.36, down nearly 57% from its peak, according to Google Finance.
The firm reported a year-over-year revenue drop of 0.2% for the quarter ending in March, while its operating income declined by 270% during the same period.
Bullish is scheduled to release its second-quarter results on Thursday, marking its first report since going public.
Analysts have mixed views on the exchange, with some maintaining a neutral stance while others are optimistic about its potential to exceed expectations.
Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns
Last week, Jefferies assigned a “hold” rating to Bullish, while JP Morgan and Bernstein issued a “neutral” rating, according to Yahoo Finance.
In contrast, Cantor Fitzgerald awarded an “overweight” rating, suggesting it expects Bullish to outperform.
ARK has been actively acquiring other crypto-related stocks in recent months.
On Sept. 9, it invested $4.4 million in BitMine, raising its total stake to 6.7 million BitMine shares valued at $284 million.
The firm also purchased shares in Block, the financial services company backed by Jack Dorsey, holding $193 million worth of Block shares as of Aug. 12.
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