CMC News

#ARKInvest Expands Bullish Holdings to $129 Million

Cathie Wood's investment firm has acquired over 160,000 additional shares in cryptocurrency exchange Bullish. The latest $8.2 million purchase brings total holdings across multiple ETFs to nearly $130 million.

ARK Innovation ETF purchased 120,609 shares while ARK Next Generation Internet #ETF added 40,574 shares. The investment management company now holds Bullish stock across three separate exchange-traded funds.

The firm has supported Bullish since its New York Stock Exchange debut last month. ARK initially acquired 2.53 million shares worth $172 million during the IPO trading session.

Recent purchases include $7.5 million in additional shares earlier this month and $21 million worth on Aug. 20. These acquisitions indicate ARK is rebuilding its position after booking some profits.

Bullish stock surged 218% from its $37 IPO price on listing day, reaching an intraday high of $118. However, shares have declined significantly since the initial trading euphoria subsided.

The cryptocurrency exchange closed Tuesday at $51.36, representing a 57% decline from its all-time high. Revenue dropped 0.2% year-over-year while operating income fell 270% during the same period.

#Bullish reports second-quarter results Thursday, marking its first earnings release since going public. Analysts remain divided, with some maintaining neutral ratings while others expect outperformance.

ARK continues to accumulate other #crypto-related stocks, including $4.4 million in BitMine shares in September. The firm also maintains significant positions in Block, Jack Dorsey's financial services company.