Ark Invest announced its acquisition of over 2.5 million shares of Bullish (BLSH) on the day the company went public on the New York Stock Exchange. This investment was valued at over $170 million at the close of the trading day.
Shares of Bullish rose to a peak of $102 from the initial $37 per share price, eventually closing at $68, noting an 84% increase. The firm had launched an initial public offering, selling 20.3 million shares, amidst notable interest from major investment firms like BlackRock (BLK).
Key Points
- Ark Invest purchased 1,714,522 BLSH shares for its flagship ARK Innovation ETF (ARKK), 545,416 shares for the ARK Next Generation Internet ETF (ARKW), and 272,755 shares for the ARK Fintech Innovation ETF (ARKF).
- Bullish’s stock increased nearly 100% since its debut, outperforming a generally declining cryptocurrency market.
- Despite some recent declines in the crypto market, Ark’s strategic investments highlight their ongoing interest in public cryptocurrency infrastructure amidst market volatility.
Ark Invest’s Cathie Wood
This investment strategy is indicative of Ark’s history of taking significant early stakes in newly public crypto companies, such as their previous investments in Circle, which have proven lucrative.
