Cathie Wood's ARK Invest has purchased over 160,000 shares of the cryptocurrency exchange Bullish in its latest round of buying.
According to documents submitted on Tuesday, the company acquired approximately $8.21 million worth of Bullish stock in its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), buying 120,609 shares and 40,574 shares, respectively.
The company currently holds over $129 million in Bullish stock across ARKK, ARKW, and the ARK Fintech Innovation ETF (ARKF).
Since Bullish went public on the New York Stock Exchange in mid-August, ARK has been supportive of the company, having purchased 2.53 million shares valued at $172 million at that time.
Earlier this month, the investment firm bought $7.5 million worth of Bullish stock and acquired $21 million worth of Bullish stock on August 20.
Despite the recent continuous buying, ARK's three ETFs currently hold a total of 2.52 million shares of Bullish. This indicates that the company has partially taken profits and re-entered after the stock price significantly declined since its listing.
Bullish (BLSH) saw its stock price soar on its first day of trading, reaching a high of $118 during intraday trading, up 218% from its IPO price of $37.
However, since its listing on August 13, the stock has significantly retreated, giving back most of its gains. According to Google Finance, the stock closed at $51.36 on Tuesday, down nearly 57% from its all-time high.
Company reports show that for the March quarter, revenue decreased by 0.2% year-over-year, while operating income fell by 270% during the same period.
Bullish will release its first post-IPO second-quarter financial report on Thursday.
Analysts have mixed views on the exchange, with some holding a neutral stance while others are optimistic about its potential to outperform the market.
According to Yahoo Finance, last week, Jefferies rated Bullish as "Hold," while JP Morgan and Bernstein gave it a "Neutral" rating.
In contrast, Cantor Fitzgerald rated it as "Buy," believing that Bullish will outperform the market.
ARK has also been continuously buying other crypto-related stocks in recent months.
On September 9, it purchased $4.4 million worth of shares in BitMine, increasing its total BitMine holdings to 6.7 million shares valued at $284 million.
The company also bought shares in Block, a financial services company supported by Jack Dorsey, holding $193 million worth of Block stock as of August 12.
Related: Bitcoin (BTC) Analyst Predicts: A 35% Surge May Follow the Ninth Bullish RSI Signal Trigger
Original: “ARK Invest's Bullish Holdings Near $130M, Latest $8M Scoop”
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