Cathie Wood’s asset management firm Ark Investments purchased $12 million worth of shares of crypto exchange Bullish (NYSE: BLSH). Interestingly, this latest purchase of 238,000 BLSH shares comes despite its price dropping 27% over the past month.
ARK Invest has continued to increase its exposure to Bullish following the exchange’s recent New York Stock Exchange debut.
The latest purchase across its ETF portfolio includes the ARK Innovation ETF (ARKK) fund buying 164,214 BLSH shares. Besides, the ARK Next Generation Internet ETF (ARKW) added 49,056 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 25,076 shares.
The latest purchases build on ARK’s buying activity from last week, when the firm acquired more than $5 million worth of Bullish shares. Since Bullish’s $1.1 billion NYSE listing, ARK has accumulated roughly $172 million worth of shares across its various funds.
This clearly highlights the growing confidence in the exchange’s long-term growth prospects. It is another major purchase in the crypto space by Ark Invest, after buying the HOOD stock recently.
Bullish has reported more than $82 million in trading volume just five days after launching its new crypto options platform, marking a strong debut for the product.
The platform enables users to leverage their entire portfolio as collateral across spot, futures, and options markets, thereby improving overall capital efficiency. Institutional partners such as FalconX Global, Wintermute, and BlockTech participated in the launch.
In a post on X, Bullish said it designed the product to address “pain points that exist today in trading crypto options.” Bullish stock closed at $50.26, down 0.71% on Monday. In the pre-market trading hours on Nov. 4, the stock price slipped under $50.
Bullish has officially launched operations in 20 US states after securing both a BitLicense and a money transmission license from the New York State Department of Financial Services (NYDFS).
The firm began US operations with two institutional clients, BitGo and Nonco. This also marks the start of its regulated expansion.
Founded in 2021, Bullish has already processed more than $1.5 trillion in global trading volume. It ranks among the top 10 crypto exchanges by Bitcoin and Ether trading activity.
Read original story Cathie Wood Snaps $12 Million of Bullish (BLSH) Stock Despite 27% Monthly Drop, Here’s Why by Bhushan Akolkar at Coinspeaker.com