Ark Invest’s $12 Million Bet: Cathie Wood Doubles Down on Bullish Crypto Exchange Shares

Cathie Wood's investment firm makes another bold crypto move—snapping up $12 million in bullish exchange shares while traditional investors remain skeptical.

The Quantum Leap Forward

Ark Invest continues its aggressive digital asset accumulation strategy, deploying eight figures into crypto exchange equities despite ongoing regulatory uncertainty. The $12 million purchase signals unwavering conviction in the infrastructure supporting cryptocurrency markets.

Defying Conventional Wisdom

While Wall Street analysts debate whether crypto winter has truly ended, Wood's team keeps building positions in what they see as the financial infrastructure of tomorrow. The timing suggests confidence in exchange revenue models even during periods of market volatility.

Because nothing says 'calculated risk' like betting millions on platforms that could be one regulatory crackdown away from existential crisis—but hey, that's why they call it disruptive investing.

TLDR

• Ark Invest bought 238,346 shares of Bullish worth $11.98 million across three ETFs on Monday
• The purchase adds to Ark’s $172 million initial investment when Bullish went public in August
• Bullish launched U.S. spot trading in October after getting licenses from New York regulators
• Bullish stock has dropped 47.48% since its NYSE debut and 22.45% in the past month
• The exchange will report third quarter earnings on November 19

Cathie Wood’s Ark Invest continued building its position in Bullish by purchasing nearly $12 million worth of shares on Monday. The investment firm bought 238,346 shares of the crypto exchange across three of its exchange-traded funds.

Bullish, BLSH

The ARK Innovation ETF bought 164,214 shares of Bullish. The ARK Next Generation Internet ETF purchased 49,056 shares, while the ARK Fintech Innovation ETF added 25,076 shares.

This purchase comes after Ark made a much larger investment in Bullish earlier this year. The firm bought $172 million worth of shares when the crypto exchange went public on the New York Stock Exchange in August.

Following Monday’s trades, Bullish now makes up 0.97% of ARKK’s holdings. The stock represents 0.98% of ARKW and 1.18% of ARKF.

Bullish stock closed down 0.61% at $50.26 on Monday. The stock has faced downward pressure since its debut, falling 47.48% from its initial trading price.

Recent Performance Challenges

Over the past month alone, Bullish shares have declined 22.45%. This drop reflects broader challenges in the crypto exchange market.

Billionaire tech investor Peter Thiel backs the Bullish exchange. The platform achieved a major milestone in early October when it launched spot trading services in the United States.

The launch followed Bullish obtaining two key licenses from New York regulators. The New York State Department of Financial Services granted the exchange both a BitLicense and Money Transmission License in September.

Since starting operations in late 2021, Bullish reports it has processed over $1.5 trillion in cumulative trading volume. This figure covers all trading activity across the platform’s markets.

Upcoming Earnings Report

Bullish will release its third quarter financial results on November 19. The company’s second quarter results showed mixed performance.

The exchange reported $57 million in adjusted revenue for the second quarter. This marked a decrease from $67 million in revenue during the same period one year earlier.

The company’s bottom line showed improvement year over year. Bullish posted net income of $108.3 million in the second quarter, a turnaround from a net loss of $116.4 million in the prior year period.

Ark Invest has been steadily increasing its exposure to Bullish since the exchange’s public debut. The Monday purchase represents the firm’s continued bet on the crypto exchange platform.