Ark Invest Buys $8.28 Million Worth of Bullish Shares
Cathie Wood’s Ark Invest expanded its Bullish stake with new purchases across ARKK and ARKW, as the firm actively manages positions amid the stock’s post-IPO volatility.
Ark Invest, led by Cathie Wood, acquired 161,183 Bullish shares worth $8.21 million through ARK Innovation ETF and ARK Next Generation Internet ETF. The investment raises Ark’s total Bullish holdings across its funds to $129 million, though slightly below the 2.53 million shares acquired at debut. Bullish shares peaked at $118 on listing but closed at $51.36 on Tuesday, down 57% from their high. The exchange reported a 0.2% year-over-year revenue decline and a 270% drop in operating income in its latest quarter, with second-quarter results expected Thursday. Analyst ratings remain mixed, with Jefferies and JP Morgan issuing “hold” and “neutral” calls, while Cantor Fitzgerald rates the stock “overweight.” Ark has also expanded positions in BitMine and Block in recent months.
- Bullish (BLSH): A publicly traded cryptocurrency exchange whose shares reflect exposure to its digital asset trading operations.
- ARKK: ARK Innovation ETF, an actively managed fund by Ark Invest focusing on companies benefiting from disruptive innovation.
- ARKW: ARK Next Generation Internet ETF, managed by Ark Invest, targeting companies involved in blockchain and internet technologies.