Cathie Wood’s Ark Invest purchased over 160,000 shares of Bullish (BLSH), totaling $8.21 million across its ARKK and ARKW ETFs.
Cathie Wood’s asset management firm Ark Invest purchased over 160,000 shares of recently listed crypto exchange Bullish (NYSE: BLSH), worth a staggering $8.2 million. The recent purchase comes despite the stock price crashing by over 18% in the past month.
Ark Invest Buys $8.2 Million of Bullish Shares Across ETFs
ARK Invest has increased its exposure to crypto exchange Bullish, purchasing roughly $8.21 million worth of shares across two of its funds. The ARK Innovation ETF (ARKK) acquired 120,609 shares, while the ARK Next Generation Internet ETF (ARKW) bought 40,574 shares, according to the Ark Invest Tracker.
Bullish had a successful debut on Wall Street last month, with its stock price surging to $75. However, since then, the share price has been moving sideways and has recently found support at $50.
With the latest purchases, ARK now holds over $129 million worth of Bullish stock across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF). The investment firm has been backing Bullish since its mid-August debut on the New York Stock Exchange (NYSE). Back then, Cathie Wood’s firm acquired 2.53 million shares valued at $172 million at the time.
ARK had also picked up $21 million in Bullish stock on Aug. 20 and an additional $7.5 million earlier this month. Despite these new acquisitions, ARK’s total holdings now stand at 2.52 million shares. This suggests the firm has taken partial profits midway and is re-entering the stock following a steep decline since its market debut.
BLSH Stock on Investors’ Radar Again
As said, the Bullish (BLSH) stock has been moving sideways following its successful Wall Street debut. This is because the crypto exchange reported a 0.2% year-over-year decline in revenue for the quarter ending March, while operating income fell sharply by 270% over the same period.
Now, the BLSH stock has once again come on investors’ radar as it finds a base at $50. The latest purchase by Cathie Wood’s Ark Invest shows that institutions continue to have interest in the crypto exchange.
Last week, Jefferies initiated a “hold” rating on Bullish, while JP Morgan and Bernstein assigned “neutral” ratings, according to Yahoo Finance. In contrast, Cantor Fitzgerald maintained an “overweight” rating, signaling expectations that Bullish will outperform.
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