Cathie Wood’s investment firm Ark Invest has further expanded its cryptocurrency market exposure by acquiring $8.27 million worth of Bullish shares. The purchase, made on Tuesday, was disclosed in Ark’s latest trade filing.
The investment was distributed across two of Ark’s exchange-traded funds. The ARK Innovation ETF (ARKK) bought 120,609 shares of Bullish, while the ARK Next Generation Internet ETF (ARKW) acquired 40,574 shares, totaling 161,183 shares.
This move represents a continued interest in Bullish from Ark Invest since the cryptocurrency exchange made its debut on the New York Stock Exchange last month. During Bullish’s initial public offering (IPO) week, which raised $1.1 billion, Ark purchased around $172 million worth of shares across three different ETFs.
Bullish stock experienced a modest gain on Tuesday, rising 0.55% to close at $51.36. However, the stock has not maintained its initial valuation. Since its market debut, Bullish shares have declined by 24.47%, according to data from Google Finance.
Despite the recent price drop, market analysts remain optimistic about Bullish’s future prospects. Earlier this month, research and brokerage firm Bernstein released an analysis suggesting that Bullish could become the second-largest institutional cryptocurrency exchange in the market.
Bernstein analysts expect Bullish to take this position behind industry leader Coinbase, contingent on the successful launch of its U.S. operations in 2026. The research firm set an initial price target of $60 for Bullish stock, indicating potential upside from current levels.
The strategic investment by Ark Invest aligns with Cathie Wood’s well-known bullish stance on cryptocurrency and blockchain technology. Wood has been a vocal proponent of Bitcoin and other digital assets as transformative investment opportunities.
Ark’s investment activity on Tuesday wasn’t limited to Bullish. The company also purchased 109,678 shares of Figma Inc., valued at approximately $5.9 million. Figma, a digital design technology company, went public on July 31 with a listing on the New York Stock Exchange.
What makes the Figma investment relevant to Ark’s crypto strategy is the design company’s own cryptocurrency holdings. In its S-1 filing for the IPO, Figma disclosed ownership of $70 million worth of Bitwise’s bitcoin ETF shares.
Figma also revealed it had purchased $30 million in USDC stablecoin with the intention of buying bitcoin. This indicates that Ark’s investment in Figma represents another indirect way for the firm to gain exposure to the cryptocurrency market.
The latest Bullish purchase continues Ark Invest’s pattern of building positions in companies with direct or indirect cryptocurrency market exposure. Through these strategic investments, Ark is positioning its funds to benefit from what Wood believes will be the continued growth and adoption of digital assets.
Bullish, which completed its IPO last month, is focusing on expanding its market presence. The exchange will need to navigate regulatory challenges as it works toward launching its U.S. operations, currently planned for 2026.
The crypto exchange market remains highly competitive, with Coinbase currently dominating the institutional space in the United States. Bullish aims to capture market share in this growing sector as institutional adoption of digital assets continues to increase.
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