Ark Invest Purchases $10 Million Bullish Stock Before Q3 Earnings Report

TLDR

• Ark Invest purchased 277,063 shares of Bullish (BLSH) worth $10.18 million across three ETFs on November 17
• The purchases were made through ARKK (191,195 shares), ARKW (56,660 shares), and ARKF (29,208 shares) funds
• Bullish’s stock closed down 4.5% at $36.75 on Monday ahead of Q3 earnings on November 19
• The exchange reported Q2 adjusted revenue of $57 million, down from $67 million year-over-year
• Bullish recently launched U.S. spot trading after obtaining New York license in October

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Cathie Wood’s Ark Invest has made a major purchase of Bullish shares worth over $10 million. The investment firm bought 277,063 shares of the cryptocurrency exchange on November 17.

The purchases were spread across three of Ark’s exchange-traded funds. ARKK acquired 191,195 shares while ARKW bought 56,660 shares and ARKF added 29,208 shares.

Latest Trading Activity

The timing of Ark’s purchase comes as Bullish’s stock price fell on Monday. The shares closed down 4.5% at $36.75 on the New York Stock Exchange.

This latest investment follows another recent purchase by Ark last Thursday. The firm bought $7.28 million worth of Bullish shares on that day.

Ark also purchased shares in other crypto companies last week. The firm added $15.56 million in Circle and $8.86 million in BitMine to its holdings.

Bullish is scheduled to report its third-quarter earnings on November 19. The timing places Ark’s purchase just two days before the earnings announcement.

The exchange’s second-quarter results showed adjusted revenue of $57 million. This was a decrease from $67 million in the same period last year.

Financial Performance

Bullish’s net income reached $108.3 million in the second quarter of 2025. This marked a turnaround from a net loss of $116.4 million in Q2 2024.

The crypto exchange has backing from billionaire tech investor Peter Thiel. The platform has been operating since late 2021.

Bullish announced it has processed over $1.5 trillion in cumulative trading volume. This milestone was reached since the exchange began operations.

In October 2025, Bullish launched spot trading services in the United States. The launch followed the exchange obtaining a key license from New York regulators.

The New York license allows Bullish to operate legally in one of the strictest regulatory environments. This expansion into U.S. spot trading represents a major development for the exchange.

Ark Invest has been adjusting its cryptocurrency holdings throughout 2025. The firm has made multiple purchases and sales of crypto-related stocks this year.

Monday’s purchase of Bullish shares represents one of Ark’s larger single-day crypto investments. The $10.18 million purchase was calculated based on the average share price of the day.