Cathie Wood's ARK Invest purchased a total of 2.53 million shares of Bullish stock on its first day of trading on Wednesday through three of its ETFs.
According to trading notifications, the ARK Innovation ETF (ARKK) bought 1,714,522 shares, the ARK Next Generation Internet ETF (ARKW) purchased 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 272,755 shares. Based on Bullish's closing price of $68, the total purchase amount for these shares is approximately $172 million.
Bullish's stock closed at $68 on its first trading day, up 83.8% from the IPO price of $37, with a market capitalization exceeding $10 billion. The stock rose an additional 11.2% in after-hours trading.
The stock opened at $90, reaching a high of $118 during the day, which is an increase of over 215% from the issue price, before pulling back.
The company, headquartered in the Cayman Islands, operates a cryptocurrency exchange and owns CoinDesk. According to Reuters, Bullish's IPO was priced above the previously expected range of $32–33 per share, issuing 30 million shares and raising $1.1 billion.
This is also Bullish's second attempt to go public. In 2021, the exchange tried to list through a special purpose acquisition company (SPAC) but failed due to rising interest rates cooling the market.
It is reported that Bullish operates in multiple jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the UK, Germany, and Gibraltar, through subsidiaries.
This listing continues the trend of high-profile IPOs this year. USDC stablecoin issuer Circle went public in June, raising $1.1 billion, exceeding expectations, with a first-day stock price increase of up to 167%, setting a record.
On June 6, the Gemini exchange, founded by Cameron and Tyler Winklevoss, also secretly submitted a listing application to the U.S. The brothers support Trump’s re-election campaign and provide backing for a political action committee focused on cryptocurrency.
Related: Fundstrat: Ethereum (ETH) will become the "best macro trading target" in the next 10-15 years.
Original: “ARK Invest splurges $172 million to buy Bullish shares, stock surges 84% on debut”
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