Cathie Wood’s ARK Invest has made a significant move in the cryptocurrency space by purchasing 2.53 million shares of the crypto exchange Bullish. This acquisition spans across three of ARK’s exchange-traded funds (ETFs) following Bullish’s triumphant initial public offering (IPO).
ARK’s Strategic Investment
According to the trade notifications, the ARK Innovation ETF (ARKK) acquired 1,714,522 shares, the ARK Next Generation Internet ETF (ARKW) added 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 272,755 shares. With Bullish’s shares closing at $68, the cumulative investment amounts to approximately $172 million.
Bullish’s stock demonstrated an impressive performance, ending its first trading session with an 83.8% increase from its IPO price of $37, culminating in a market capitalization exceeding $10 billion. The momentum continued in after-hours trading, with shares rising an additional 11.2%.
The stock opened at $90 and soared to an intraday peak of $118, reflecting a more than 215% surge above the IPO price before settling lower.
Bullish’s IPO Success
Bullish, headquartered in the Cayman Islands, operates as a cryptocurrency exchange and is the owner of CoinDesk. It priced its IPO above the anticipated range of $32–$33 per share, successfully raising $1.1 billion from the sale of 30 million shares, as reported by Reuters.
This IPO marks Bullish’s second attempt to go public. The company had previously sought to enter the public market through a special purpose acquisition company (SPAC) deal in 2021. However, those efforts were thwarted due to unfavorable market conditions brought on by rising interest rates.
Bullish’s operations are extensive, with subsidiaries across several jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar.
The Ongoing Crypto IPO Trend
Bullish’s IPO is part of a broader wave of high-profile cryptocurrency offerings this year. Notably, Circle, the issuer of the USDC stablecoin, made headlines in June by raising $1.1 billion in its public debut, achieving a remarkable 167% gain on its first trading day.
Additionally, on June 6, Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, filed confidentially for a U.S. listing. The Winklevoss twins, known for their support of Trump’s reelection campaign, have also backed crypto-focused political action committees.
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