Cathie Wood’s ARK Invest has increased its stake in Bullish, the digital asset exchange that just went public on the New York Stock Exchange under the ticker BLSH, by purchasing more than $5 million in shares across numerous ETFs.
According to daily trading declarations for Friday, ARK Innovation ETF (ARKK) purchased 72,537 Bullish shares, ARK Next Generation Internet ETF (ARKW) added 21,354, and ARK Fintech Innovation ETF (ARKF) purchased 11,122 shares.
Confidence in Bullish exchange
The current acquisition follows ARK Invest’s purchase of $8.27 million in Bullish shares in mid-October through two of its funds. Ever since the exchange’s $1.1 billion NYSE launch, when ARK purchased around $172 million in shares across its funds, the company has continued to accumulate more of its shares.
Bullish stocks gained 1.24% on Friday to end at $50.57, rebounding from previous market turmoil. The exchange is funded by Block.one and led by CEO Tom Farley.
The purchases were made in connection with Bullish’s US launch event in New York, where the firm gathered leaders in digital assets to commemorate its growth. After the event, the company said on X(Twitter), “The energy in the room said it all – the future is Bullish.”
After obtaining a BitLicense and a money transmission license from New York authorities, Bullish formally started in 20 US states at the beginning of October. BitGo and Nonco were the platform’s initial clients when it started spot trading.
Bullish is now one of the top 10 exchanges in terms of Bitcoin and Ether volume, having completed over $1.5 trillion in deals since its worldwide inception in 2021.
Other investments by Ark Invest
Earlier this week, Ark Invest bought $30.9 million worth of Block Inc. (XYZ) shares across three of its exchange-traded funds, increasing its exposure to cryptocurrency-related businesses.
The ARK Innovation ETF (ARKK) bought 210,916 Block shares, and the ARK Next Generation Internet ETF (ARKW) bought 59,827 Block shares.
Additionally, for its Digital Assets Revolutions Fund, ARK Invest has formally chosen Canada-based SOL Strategies as its only supplier of staking services.
With SOL Strategies taking over the fund’s validator operations, the move marks a major milestone in ARK’s expanding focus on blockchain infrastructure.
And in order to make a high-risk, high-reward bet on Ethereum, ARK Invest made a major portfolio reorganisation in July, selling $148 million worth of top tech and fintech companies.
The company sold 218,986 shares in Coinbase for around $90.5 million and 463,293 shares in the massive gaming company Roblox (RBLX) worth $57.7 million, according to the trading report.
Also Read: Cathie Wood’s Ark Invest Offloads $43.8 Million In Coinbase Shares As The Stock Approaches Its ATH