ARK Invest Purchases Bullish Shares
The ARK Invest firm, led by Cathie Wood, has purchased over 160,000 shares of the cryptocurrency exchange Bullish in its most recent acquisition of crypto-related stocks.
In a filing made on Tuesday, ARK disclosed that it acquired approximately $8.21 million in Bullish shares distributed across two of its funds: the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). Specifically, the ARKK fund purchased 120,609 shares, while ARKW acquired 40,574 shares.
The total value of ARK’s holdings in Bullish now exceeds $129 million, spanning ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF).
ARK has supported Bullish since its launch on the New York Stock Exchange last month, when it purchased 2.53 million shares valued at $172 million at that time.
Earlier this month, the investment firm bought $7.5 million in Bullish shares, following an acquisition of $21 million worth of Bullish stock on August 20.
Even with these recent purchases, ARK’s total holdings in Bullish across all three ETFs stand at 2.52 million shares, suggesting that the firm has realized some partial profits and is now looking to reacquire the stock due to its significant decline since its debut.
Shares of Bullish (BLSH) experienced a surge on the day of its listing, reaching an intraday high of $118, which was a remarkable 218% increase from its IPO price of $37.
However, since its debut on August 13, the stock has lost most of its gains, closing at $51.36 on Tuesday, which is nearly a 57% drop from its all-time high, according to Google Finance.
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The firm reported a revenue decrease of 0.2% year-over-year for the quarter ending in March, while its operating income plunged by 270% during the same timeframe.
Bullish is expected to announce its second-quarter results on Thursday, marking its first report since going public.
Opinions among analysts regarding the exchange are varied; some hold neutral views while others are optimistic about its potential to outperform.
Last week, Jefferies assigned a “hold” rating to Bullish, while JP Morgan and Bernstein both rated it as “neutral,” as reported by Yahoo Finance.
On the other hand, Cantor Fitzgerald rated it as “overweight,” suggesting that it anticipates Bullish will outperform in the market.
ARK has also been purchasing additional crypto-related stocks in recent months.
- On September 9, it invested $4.4 million in BitMine, raising its total holdings to 6.7 million BitMine shares valued at $284 million.
- The firm also acquired shares in Block, a financial services company backed by Jack Dorsey, holding $193 million worth of Block shares as of August 12.
