TLDR
- Ark Invest purchased 161,183 shares of Bullish crypto exchange worth $8.3 million on September 16
- The purchase was divided between ARKK fund (120,609 shares) and ARKW fund (40,574 shares)
- Bullish stock closed at $51.36 but remains down 24.47% since its NYSE debut last month
- Ark previously bought $172 million in Bullish shares during the company’s $1.1 billion IPO week
- Bernstein analysts set a $60 price target and expect Bullish to become the second-largest institutional crypto exchange
Cathie Wood’s Ark Invest bought 161,183 shares of crypto exchange Bullish on September 16. The purchase totaled $8.27 million across two exchange-traded funds.
The ARK Innovation ETF (ARKK) acquired 120,609 shares in the transaction. The ARK Next Generation Internet ETF (ARKW) purchased the remaining 40,574 shares.
The ARKK purchase represents 0.0540% of that fund’s total assets. The ARKW acquisition accounts for 0.0569% of its portfolio holdings.
Bullish shares closed Tuesday at $51.36, gaining 0.55% for the day. The stock has faced pressure since going public on the New York Stock Exchange last month.
The crypto exchange’s share price has dropped 24.47% from its debut levels. This decline occurred despite initial investor enthusiasm for the company’s public offering.
Growing Investment Position
Ark Invest has steadily increased its Bullish holdings since the exchange went public. During the week of Bullish’s initial public offering, Ark purchased approximately $172 million worth of shares.
The investment firm spread these purchases across three different ETFs. This buying activity made Ark one of the largest institutional investors in the newly public crypto exchange.
Bullish completed its market debut through a $1.1 billion IPO process. The company chose the New York Stock Exchange for its public listing.
The exchange operates as an institutional-focused crypto trading platform. It targets professional traders and large-volume cryptocurrency transactions.
Analyst Price Targets
Research firm Bernstein published analysis on Bullish earlier this month. The analysts expect the company to become a major player in institutional crypto trading.
Bernstein set an initial price target of $60 per share for Bullish stock. This target suggests potential upside from current trading levels.
The research firm believes Bullish could emerge as the second-largest institutional crypto exchange. This projection depends on the successful launch of the company’s U.S. operations in 2026.
Coinbase currently holds the top position in institutional crypto exchange market share. Bernstein expects Bullish to challenge this leadership position over time.
Ark Invest also purchased 109,678 shares of Figma Inc. on the same trading day. The transaction was worth approximately $5.9 million.
Figma operates as a digital design technology company that went public on July 31. The company disclosed crypto holdings worth $100 million in its IPO filing documents.
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