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- ARK bought $8.2M more Bullish shares, lifting its total stake near $130M.
- Bullish stock has fallen 57% from its debut peak of $118.
- Analysts are split as Bullish readies its first earnings report.
Cathie Wood’s ARK Invest has expanded its stake in crypto exchange Bullish, bringing its total holdings to nearly $130 million across multiple exchange-traded funds (ETFs). The move comes as Bullish shares continue to trade far below their debut highs, signaling ARK’s renewed confidence in the company’s long-term potential.
ARK Adds $8.2M in Fresh Bullish Shares
In a Tuesday filing, ARK disclosed that it purchased more than 160,000 Bullish shares worth around $8.21 million. The ARK Innovation ETF (ARKK) added 120,609 shares, while the ARK Next Generation Internet ETF (ARKW) bought 40,574 shares. ARK also holds Bullish stock through its Fintech Innovation ETF (ARKF), lifting its total Bullish stake to 2.52 million shares.
ARK initially acquired 2.53 million Bullish shares at the company’s New York Stock Exchange debut in mid-August, a position then valued at $172 million. Since then, it has booked profits during price spikes and recently rebuilt its position as shares declined.
Stock Slides After Hot Debut
Bullish (BLSH) surged as high as $118 on its listing day, more than tripling its $37 IPO price. But the rally quickly reversed. As of Tuesday, shares closed flat at $51.36, down nearly 57% from their peak. The exchange reported revenue down 0.2% year-over-year and a steep 270% drop in operating income for the quarter ending March. Bullish is set to release its second-quarter results on Thursday, its first earnings report as a public company.
Also Read: Ethereum ETF Inflows Surge: ETH Set to Break $5,000 Amid Whale Accumulation
Analysts Split on Bullish Outlook
Wall Street remains divided on Bullish’s prospects. Jefferies recently initiated coverage with a “hold” rating, while JP Morgan and Bernstein called it “neutral.” Cantor Fitzgerald, however, assigned an “overweight” rating, signaling expectations for outperformance.
Meanwhile, ARK has also been accumulating other crypto-linked stocks, including $4.4 million in BitMine shares and a $193 million stake in Jack Dorsey’s Block.
Long-Term Bet on Crypto Stocks
ARK’s renewed Bullish buying suggests it views the stock’s pullback as a buying opportunity rather than a red flag. With second-quarter results around the corner, investors will soon get a clearer picture of whether that bet will pay off.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
