Ark Invest, managed by Cathie Wood, invested $172 million in the shares of cryptocurrency exchange Bullish, highlighting the growing interest in cryptocurrencies.
Ark Invest Purchases Bullish Shares
This week, Ark Invest purchased 1.7 million shares of Bullish (NYSE: BLSH) across its ARKK, ARKW, and ARKF funds. According to the latest trading disclosure, the ARKK and ARKW funds also bought 545,416 and 272,755 shares, respectively. These moves signal Wood's growing exposure to cryptocurrency-related firms.
Bullish IPO Success
Founded in 2021 and backed by Peter Thiel, Bullish captured investor attention by pricing its IPO at $37 per share, significantly above projections. After opening at $90 on August 12, the stock surged 200%. It closed at $68 on August 13, with an additional 11.2% rise in after-hours trading.
Future of Bullish and the Cryptocurrency Market
Bullish aims to offer a regulated trading platform for institutional investors amid increasing U.S. regulatory support. The strong initial valuation and high investor activity indicate significant interest in the company and the cryptocurrency market as a whole. Jeff Zell of IPO Boutique points out, "Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up."
The purchase of Bullish shares by Ark Invest underscores the growing interest in cryptocurrencies and confidence in the company's future amid the recovery of digital assets.
