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ARK Invest, led by prominent investor Cathie Wood, has expanded its position in the crypto sector by purchasing over 160,000 shares in the digital asset exchange Bullish. This move reflects the firm’s ongoing interest in blockchain and cryptocurrency-related companies as part of its wider investment strategy.

In a recent disclosure, ARK revealed it invested approximately $8.21 million across two of its ETFs—the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW)—by acquiring 120,609 and 40,574 shares of Bullish, respectively. With these latest purchases, ARK’s total holdings in Bullish have now surpassed $129 million, including investments in the ARK Fintech Innovation ETF (ARKF).

ARK has maintained its confidence in Bullish, initially acquiring 2.53 million shares during its NYSE listing last month, valued at approximately $172 million at the time. Since then, the firm has continued to add to its position, including recent buys of $7.5 million worth of shares earlier this month and another $21 million in mid-August. Despite these acquisitions, the total Bullish stock held across ARK’s ETFs stands at about 2.52 million shares, suggesting some profit-taking as the stock price has faced volatility.

Bullish shares face volatility following IPO

Bullish’s stock debuted strongly on the NYSE, soaring 218% from its initial price of $37, reaching an intraday high of $118. However, since its debut on August 13, the shares have declined significantly, with a recent close at $51.36—almost 57% below its peak. The company also reported a slight year-over-year revenue decrease of 0.2% as of March-end, with operating income plummeting 270% during the same period.

Market analysts remain divided on Bullish’s prospects. Some maintain a neutral outlook, citing ongoing challenges, while others see potential for future growth. The company is scheduled to release its second-quarter earnings report shortly, marking its first since going public.

Major financial institutions hold varying views. While Jefferies assigned a “hold” rating, JP Morgan and Bernstein rate the stock as neutral. In contrast, Cantor Fitzgerald suggests significant upside with an “overweight” rating, indicating confidence in Bullish’s potential to outperform the broader crypto markets.

Meanwhile, ARK continues to diversify its exposure within the crypto space, adding positions in other blockchain and crypto-related companies. Notably, ARK bought $4.4 million worth of BitMine shares earlier this month, bringing its holdings to over 6.7 million shares valued at approximately $284 million. It also maintains substantial investments in Block, the financial services platform backed by Jack Dorsey, holding nearly $193 million worth of shares as of August 12.