ARK Invest’s $172M Bet Fuels 84% Rocket Ride for Bullish Stock on IPO Launch

Wall Street's latest darling didn't just debut—it mooned. A freshly public company saw shares scream 84% higher out the gate as Cathie Wood's ARK Invest plowed $172 million into the frenzy.

The big guns are playing

When ARK sneezes, retail investors catch FOMO. Wood's latest conviction play triggered the kind of first-day pop that makes bankers weep into their champagne—while quietly allocating more shares to VIP clients.

Numbers don't lie (but prospectuses might)

That 84% surge? Pure demand shock. The $172 million buy? Just Wednesday's appetizer for ARK's growth-at-any-price menu. Meanwhile, main street investors scramble for crumbs as the usual post-IPO lockup countdown begins.

Another day, another dollar—for someone else

The stock market's greatest magic trick? Turning 'we like the stock' into institutional profits while retail bags the volatility. At least this time Wood put her fund's money where her Twitter feed is—unlike those SPAC-happy hedgies still hunting for greater fools.

TLDR

• ARK Invest purchased $172 million worth of Bullish shares across three ETFs on the crypto exchange’s IPO debut day
• Bullish stock soared 84% on its first trading day, closing at $68 after opening at $102 versus the $37 IPO price
• The company raised $1.1 billion through its IPO, expanding the offering to 20.3 million shares due to strong demand
• BlackRock and ARK Investment Management expressed interest in buying up to $200 million worth of shares
• Bullish has processed over $1.25 trillion in trading volume since launching in 2021

Crypto exchange Bullish made a strong entrance to public markets Wednesday, with shares closing up 84% on the New York Stock Exchange. The Cayman Islands-based company, which owns CoinDesk, ended its first trading session at $68 per share.

The stock opened at $102, far above the $37 IPO price. During trading, shares reached an intraday high of $118 before settling back. This gave Bullish a market capitalization above $10 billion at closing.

Cathie Wood’s ARK Invest moved quickly to capitalize on the debut. The investment firm purchased 2.53 million shares worth approximately $172 million across three of its exchange-traded funds.

The ARK Innovation ETF bought 1,714,522 shares. The ARK Next Generation Internet ETF added 545,416 shares. The ARK Fintech Innovation ETF purchased 272,755 shares.

Strong Investor Demand Drives Expansion

Bullish originally planned to sell fewer shares but expanded the offering to 20.3 million due to investor appetite. The company priced shares at $37, above the expected range of $32 to $33 per share.

The IPO raised $1.1 billion total. BlackRock and ARK Investment Management had expressed interest in buying up to $200 million worth of shares before the public debut.

This marked Bullish’s second attempt at going public. The exchange previously tried to go public through a SPAC deal in 2021, but that effort collapsed as markets declined due to rising interest rates.

Institutional Focus Sets Bullish Apart

Unlike retail-focused exchanges such as Coinbase or Kraken, Bullish targets institutional investors. The platform focuses on providing exposure to digital assets with centralized oversight and safeguards.

Since launching in 2021, Bullish has processed over $1.25 trillion in trading volume as of March 31. The exchange operates through subsidiaries across multiple jurisdictions including Hong Kong, Singapore, the United Kingdom, Germany and Gibraltar.

CEO Tom Farley highlighted the institutional trend in an interview with CNBC. “The last leg of growth in crypto in the last 10 years was basically all retail and if you look now, the institutional wave has begun,” he said.

Ryan Lee, chief analyst at Bitget Research, attributed the success to growing institutional confidence. He cited the favorable regulatory environment and Bitcoin’s recent performance above $100,000 as driving factors.

The debut follows other crypto companies going public this year. Circle, the USDC stablecoin issuer, raised $1.1 billion in June with a 167% first-day gain. Gemini also filed confidentially for a US listing in June.