ARK Invest Adds $8M in Bullish Stock Ahead of Earnings
Bullish shares may have lost their post-IPO shine, but ARK Invest is not backing away.
After the crypto exchange’s debut rally fizzled, Cathie Wood’s firm has quietly returned as a buyer, layering back into the stock at much lower levels.
Buying Into the Dip
ARK disclosed this week that it picked up more than 160,000 Bullish shares, splitting the acquisition between its ARK Innovation and Next Generation Internet ETFs. The purchase, worth roughly $8 million, lifts the firm’s overall stake across three funds to more than $129 million.
This comes on top of earlier moves. ARK initially entered Bullish with a massive 2.53 million-share buy at its August listing, when the stock exploded from its $37 IPO price to an intraday peak of $118. Since then, the ride has been bumpy. Bullish closed Tuesday at just $51, a 57% drop from its high. ARK trimmed its position as prices surged but has since returned to accumulate again on weakness.
First Earnings on Deck
The timing is significant. Bullish will deliver its first quarterly earnings as a public company on Thursday, following reports of revenue stagnation and a steep decline in operating income earlier this year. The results are expected to test investor conviction after the volatile first month of trading.
Wall Street remains divided. Jefferies, JP Morgan, and Bernstein have all issued neutral ratings, while Cantor Fitzgerald is more upbeat with an overweight call. The split reflects the uncertainty around whether the exchange can stabilize performance after its flashy market entrance.
ARK’s Broader Crypto Bet
Bullish is just one piece of ARK’s aggressive crypto-linked portfolio. In recent weeks the firm also increased its stake in mining firm BitMine to nearly 6.7 million shares, valued around $284 million, and remains heavily invested in Jack Dorsey’s Block, holding close to $200 million in stock.
The strategy is consistent with Wood’s trademark approach: lean into high-volatility assets, absorb sharp corrections, and build positions in sectors she believes will define the next decade. For now, that includes doubling down on a struggling exchange that still divides opinion on Wall Street.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
