Cathie Wood's Ark Invest purchases $10 million worth of Bullish shares
Quick Take
- Ark Invest bought $10.2 million worth of Bullish shares across three of its ETFs on Monday.
- Bullish’s stock closed down 4.5% at $36.75 yesterday.
Cathie Wood's Ark Invest purchased $10.2 million worth of Bullish shares across three of its exchange-traded funds on Monday, continuing to expand the firm's crypto-related exposure.
According to the firm's Monday trading report, the ARK Innovation ETF (ARKK) bought 191,195 Bullish shares, while the ARK Next Generation Internet ETF (ARKW) purchased 56,660 shares. The ARK Fintech innovation ETF (ARKF) also added 29,208 shares of Bullish.
Ark's latest purchases came as Bullish's stock slid on the New York Stock Exchange, closing down 4.5% at $36.75 on Monday.
Bullish, a crypto exchange backed by billionaire tech investor Peter Thiel, is scheduled to report its third-quarter earnings on Nov. 19. In the second quarter, it posted $57 million in adjusted revenue, down from $67 million a year earlier. Its net income came in at $108.3 million in the second quarter, compared with a net loss of $116.4 million in the same period last year.
In early October, Bullish launched spot trading in the U.S. after obtaining a key New York license. The exchange said it has surpassed over $1.5 trillion in cumulative trading volume since late 2021.
Ark has been actively adjusting its crypto exposure throughout this year. Last Thursday, it bought $7.28 million in Bullish, along with $15.56 million in Circle and $8.86 million in BitMine.
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