TLDR
- Cathie Wood’s Ark Invest bought 238,346 Bullish shares worth $11.98 million on Monday
- The purchase spreads across ARKK, ARKW, and ARKF exchange-traded funds
- Ark initially invested $172 million when Bullish went public in August 2025
- Bullish stock down 47.48% since NYSE debut despite launching U.S. spot trading
- Third quarter earnings scheduled for release on November 19
Cathie Wood’s Ark Invest added $11.98 million to its Bullish holdings on Monday. The firm purchased 238,346 shares of the crypto exchange across three different funds.
The ARK Innovation ETF led the buying with 164,214 shares. The ARK Next Generation Internet ETF acquired 49,056 shares. The ARK Fintech Innovation ETF rounded out the purchases with 25,076 shares.
This marks another step in Ark’s growing investment in the crypto exchange platform. When Bullish made its debut on the New York Stock Exchange in August, Ark committed $172 million to the company.
Bullish now makes up nearly 1% of each fund’s portfolio. The stock represents 0.97% of ARKK, 0.98% of ARKW, and 1.18% of ARKF.
Share Price Decline Since Public Debut
Bullish shares finished Monday at $50.26, slipping 0.61% during the trading session. The stock has struggled since going public, losing 47.48% of its value from debut prices.
Recent performance has been equally challenging for investors. Over the last 30 days, Bullish shares dropped 22.45% as the crypto market faced headwinds.
Peter Thiel, known for his early Facebook investment and PayPal co-founding role, backs the Bullish platform. The exchange achieved a major regulatory win in October when it launched spot trading for American users.
The U.S. launch happened after Bullish received approval from New York financial regulators. In September, the New York State Department of Financial Services granted the exchange both a BitLicense and Money Transmission License.
Since starting operations in late 2021, Bullish claims over $1.5 trillion in total trading volume. The figure covers all transactions processed across the platform’s global markets.
Revenue Drop But Profit Improvement
Bullish plans to release third quarter results on November 19. Second quarter numbers revealed mixed financial trends for the exchange.
Adjusted revenue totaled $57 million in the second quarter. That marked a decrease from $67 million earned in the year-ago period.
The bottom line told a better story for the company. Bullish posted $108.3 million in net income for the second quarter, swinging from a $116.4 million loss one year earlier.
Ark Invest has steadily increased its stake in Bullish since the exchange went public. Wood’s firm continues buying shares even as the stock price has declined from initial levels.
The investment strategy reflects Ark’s broader focus on disruptive technology companies. Wood has long championed cryptocurrency and blockchain technology as transformative forces in finance.
Bullish enters the competitive U.S. crypto exchange market with proper licensing. The platform now competes directly with established players like Coinbase and Kraken for American customers.
The exchange’s New York approval carries weight in the industry. The BitLicense remains one of the strictest regulatory requirements for crypto businesses operating in the United States.
Ark’s continued purchases suggest confidence in Bullish’s long-term prospects. The firm is betting on the exchange’s ability to capture market share despite current stock price weakness.
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