ARK Invest Allocates $172M to Bullish in Blockbuster IPO Debut

Cathie Wood's ARK Invest made a decisive $172 million bet on cryptocurrency exchange Bullish during its IPO, acquiring 2.53 million shares across three ETFs. The ARK Innovation ETF (ARKK) led the charge with 1.7 million shares, followed by strategic allocations in ARK's internet and fintech funds.

Bullish shares defied expectations with an 83.8% first-day surge, catapulting from a $37 IPO price to $68 at close. After-hours trading pushed gains further to 11.2%, cementing the exchange's $10 billion market valuation. The stock's intraday volatility saw peaks at $118 before settling—a 215% premium to its offering price.

The Cayman Islands-based firm, which owns CoinDesk, raised $1.1 billion by pricing above its projected range. This successful public debut marks a redemption arc after Bullish's failed 2021 SPAC attempt during crypto's winter.