Cathie Wood’s Ark Invest Adds $12M to Bullish Crypto Exchange Position
TLDR
- Ark Invest purchased $11.98 million in Bullish shares across ARKK, ARKW, and ARKF on Monday
- This follows Ark’s $172 million initial investment when Bullish debuted on NYSE in August
- Bullish stock has fallen 47.48% since going public and declined 22.45% over the past month
- The Peter Thiel-backed exchange launched U.S. spot trading in October after securing New York licenses
- Bullish reports third quarter earnings on November 19
Cathie Wood’s Ark Invest purchased $11.98 million worth of Bullish shares on Monday, continuing to build its position in the crypto exchange platform. The investment firm acquired 238,346 shares distributed across three exchange-traded funds.
The ARK Innovation ETF purchased 164,214 shares. The ARK Next Generation Internet ETF added 49,056 shares to its holdings. The ARK Fintech Innovation ETF bought 25,076 shares.
This transaction expands Ark’s investment in Bullish following a much larger purchase earlier this year. When the crypto exchange went public on the New York Stock Exchange in August, Ark invested $172 million in the company.
After Monday’s purchases, Bullish represents 0.97% of ARKK’s portfolio. The stock accounts for 0.98% of ARKW and 1.18% of ARKF holdings.
Stock Performance and Market Position
Bullish shares closed at $50.26 on Monday, down 0.61% for the day. The stock has experienced downward pressure since its public debut, declining 47.48% from initial trading levels.
The past month has been particularly challenging for Bullish shareholders. The stock dropped 22.45% over this period as crypto market conditions fluctuated.
Peter Thiel, the billionaire tech investor, backs the Bullish exchange. The platform reached an important milestone in early October by launching spot trading services for U.S. customers.
This launch became possible after Bullish secured two critical regulatory approvals. The New York State Department of Financial Services issued both a BitLicense and Money Transmission License to the exchange in September.
The company reports over $1.5 trillion in cumulative trading volume since beginning operations in late 2021. This figure encompasses all trading activity across the platform’s various markets.
Financial Performance and Upcoming Earnings
Bullish will announce its third quarter financial results on November 19. The company’s second quarter performance showed contrasting trends in revenue and profitability.
Second quarter adjusted revenue came in at $57 million. This represented a decline from $67 million in revenue during the same quarter of the previous year.
The company’s profitability picture improved year over year. Bullish reported net income of $108.3 million in the second quarter, reversing a net loss of $116.4 million from the prior year period.
Ark Invest has consistently added to its Bullish position since the exchange’s public listing. The firm’s continued investments demonstrate confidence in the crypto exchange despite recent stock price weakness.
The Monday purchase adds to Ark’s growing exposure to cryptocurrency-related companies. Wood’s investment firm has been allocating capital to various crypto and blockchain businesses across its ETF portfolio.
Bullish now operates spot trading in the United States following regulatory approval. The exchange competes with other licensed crypto platforms serving American customers in an increasingly regulated market.