Key Takeaways
Major ARK Purchase: Cathie Wood’s ARK Invest acquired 2.53 million Bullish shares worth about $172 million across three ETFs.
Strong Market Debut: Bullish stock surged 83.8% on its first day, closing at $68 with a market cap over $10 billion.
Crypto IPO Momentum: Bullish joins Circle and other high-profile crypto firms in delivering triple-digit first-day gains.
Cathie Wood’s ARK Invest made a significant bet on newly listed crypto exchange Bullish, scooping up $172 million worth of shares as the stock soared in its market debut.
According to ARK’s daily trade filings, the firm purchased 2.53 million shares across three ETFs on Wednesday:
ARK Innovation ETF (ARKK): 1,714,522 shares
ARK Next Generation Internet ETF (ARKW): 545,416 shares
ARK Fintech Innovation ETF (ARKF): 272,755 shares
At Bullish’s closing price of $68, the total purchase amounted to $172 million.
Bullish IPO Surges Past Expectations
Bullish shares skyrocketed 83.8% from their IPO price of $37, closing with a $10+ billion market capitalization. The stock opened at $90, hit an intraday high of $118 — more than 215% above its IPO price — before settling lower.
In after-hours trading, shares climbed another 11.2%.
The Cayman Islands-based company raised $1.1 billion by selling 30 million shares at a price above its earlier $32–$33 guidance, according to Reuters.
This marks Bullish’s second attempt at going public after a 2021 SPAC deal collapsed amid tightening monetary policy. The exchange operates through subsidiaries in Hong Kong, the Cayman Islands, Singapore, the UK, Germany, and Gibraltar, and also owns CoinDesk.
Crypto IPO Wave Builds Momentum
Bullish’s blockbuster debut comes amid a resurgence in crypto-related IPOs:
Circle (USDC issuer) raised $1.1 billion in June and saw a 167% first-day surge.
Gemini, founded by Cameron and Tyler Winklevoss, filed confidentially for a US listing on June 6.
Analysts say the trend reflects renewed investor appetite for crypto equities, bolstered by rising digital asset prices and stronger regulatory clarity.
ARK Invest’s aggressive $172M buy on Bullish’s IPO day signals confidence in the exchange’s growth potential, while the crypto IPO pipeline — including high-profile names like Circle and Gemini — suggests the market appetite for digital asset companies is far from over.