ARK Invest, led by Cathie Wood, has acquired over 160,000 shares in the cryptocurrency exchange Bullish during its recent purchase of crypto-related stocks.
In a filing on Tuesday, the company disclosed that it invested around $8.21 million in Bullish shares through two of its funds: the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), with the funds acquiring 120,609 shares and 40,574 shares, respectively.
The firm now holds over $129 million in Bullish stock through ARKK, ARKW, and its ARK Fintech Innovation ETF (ARKF).
ARK has supported Bullish since its debut on the New York Stock Exchange last month, when it acquired 2.53 million shares valued at $172 million at that time.
ARK’s recent acquisition aims to rebuild Bullish position
The investment firm initially bought $7.5 million in Bullish shares earlier this month and previously acquired $21 million worth on August 20.
Despite these acquisitions, Ark’s total Bullish holdings across all three ETFs currently amount to 2.52 million shares, suggesting the firm has taken some partial profits and is now repurchasing the stock after its significant drop since debut.
Decline in Bullish stock post-IPO
Bullish (BLSH) shares soared on its listing day, reaching an intraday peak of $118, reflecting a 218% increase from its IPO price of $37.
However, since its launch on August 13, the stock has lost most of its gains and closed trading on Tuesday at $51.36, nearly 57% lower than its all-time high, according to Google Finance.
The firm reported a 0.2% year-over-year revenue drop for the quarter ending in March, while its operating income fell by 270% during the same timeframe.
Bullish is scheduled to release its second-quarter results on Thursday, marking its first report since its debut.
Analysts have mixed opinions on the exchange; some are neutral while others believe it can outperform expectations.
Related: Crypto Biz: IPO fever, Ether wars, and stablecoin showdowns
Recently, Jefferies established a “hold” rating on Bullish, while JP Morgan and Bernstein issued “neutral” ratings, according to Yahoo Finance.
In contrast, Cantor Fitzgerald assigned an “overweight” rating, indicating it believes Bullish will outperform the market.
ARK has been acquiring other crypto-related stocks recently.
The firm invested $4.4 million in BitMine on September 9, increasing its total holdings to 6.7 million BitMine shares valued at $284 million.
Additionally, the firm purchased shares of Block, a financial services company backed by Jack Dorsey, holding $193 million worth of Block shares on August 12.
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