Key Takeaways
- On March 23, ARK Invest divested 39,362 shares of Bullish (BLSH) valued at approximately $1.56 million through its ARKK and ARKW funds
- BLSH shares climbed 4.16% during the same trading session, finishing near $39.55
- Three days prior on March 20, ARK unloaded 103,379 BLSH shares valued at roughly $3.93 million
- The recent sales follow ARK’s substantial February 2026 buying activity, during which the firm acquired about 2.1 million BLSH shares totaling $58–$60 million
- Wall Street analysts maintain a Moderate Buy rating on BLSH, with a consensus price target of $47.83 representing potential upside of approximately 20.9%
On Monday, March 23, Cathie Wood’s ARK Invest divested a total of 39,362 shares in Bullish (BLSH), valued at approximately $1.56 million, while the cryptocurrency exchange stock posted gains of 4.16% during the session.
The divestment occurred across two of ARK’s exchange-traded funds: the ARK Innovation ETF (ARKK) sold 31,154 shares, while the ARK Next Generation Internet ETF (ARKW) disposed of 8,208 shares. The stock concluded trading at approximately $39.55.
This marks the second significant reduction in ARK’s BLSH holdings within days. On March 20, the investment firm had already liquidated 103,379 shares valued at around $3.93 million — a substantially larger transaction that received less attention than Monday’s sale.
Combined, the two transactions represent 142,741 shares sold over a brief period, totaling approximately $5.5 million. These sales come from a position that ARK has methodically constructed through months of strategic accumulation.
During February 2026, ARK engaged in an intensive nine-day BLSH purchasing campaign, accumulating roughly 2.1 million shares at a cost of approximately $58–$60 million. This buying activity followed a price decline triggered by the company’s earnings announcement.
Financial Performance Overview
Bullish’s fourth-quarter 2025 results showed adjusted revenue reaching $92.5 million with adjusted EBITDA of $44.5 million, both figures representing year-over-year improvements. The company recorded a net loss of $563.6 million, though adjusted net income showed improvement at $28.9 million.
Digital asset trading volumes totaled $64.3 billion during the quarter, reflecting a modest decline. Management provided 2026 guidance projecting subscription, services, and other revenue between $220 million and $250 million.
Full-year adjusted operating expenses are forecast to range from $210 million to $230 million.
Strategic Positioning Behind the Sale
The recent share reduction appears more aligned with tactical portfolio management than a fundamental shift in ARK Invest‘s thesis on the company. The firm has demonstrated a consistent pattern of accumulating BLSH shares during price weakness and trimming positions during strength — Monday’s transaction aligns perfectly with this approach, occurring as the stock gained more than 4%.
Concurrently, ARK is reallocating capital toward biotechnology investments. On the same day, the firm purchased 98,722 shares of 10X Genomics (TXG) worth $1.89 million, with TXG also posting gains of 4.08%.
Cryptocurrency-related equities like BLSH typically exhibit high correlation with Bitcoin price movements and regulatory developments, making them suitable candidates for profit-taking following significant appreciation.
According to TipRanks, BLSH maintains a Moderate Buy consensus rating supported by four Buy recommendations and two Hold ratings. Analysts project an average price target of $47.83, suggesting potential upside of approximately 20.9% from current trading levels.
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