According to the materials from the website - By DT News
According to recent reports, ARK Invest, led by Cathie Wood, acquired shares of Bullish after its explosive debut on the New York Stock Exchange, purchasing 2.53 million shares in the ETF portfolio. This comes amid a resurgence of explosive growth in the number of cryptocurrency IPOs, involving major institutional investors and a high level of interest.
ARK's investments in various ETFs include 1.7 million shares through ARKK, 545,416 shares through ARKW, and 272,755 shares through ARKF; the total investment amount is $172 million, which indeed demonstrates aggressive investment stakes. This indicates institutional investors' confidence in the Bullish model, especially in the context of rising cryptocurrency valuations and growing interest in IPOs.
It is reported that the Bullish IPO closed at $37 per share, above the expected range of $32–$33. Thanks to the aggressive pricing and confirmed interest from BlackRock and ARK, the IPO attracted $1.11 billion, providing the company with an initial valuation of $5.4 billion.
Bullish shares opened at $90, rose to $118, leading to a trading halt, and then fell to $70, achieving an 85% growth.
A similar momentum for cryptocurrency IPOs was observed in the case of other well-known companies, such as Circle and Figma, which demonstrated strong performances on their first trading day.
Bullish, co-owned by CoinDesk, offers an institutional-grade digital asset platform, including spot, futures, and derivatives. Led by former NYSE president Tom Farley and supported by Peter Thiel, the company positions itself as a safer and more professional alternative to retail-focused exchanges.
Bullish also employs a capital reservation strategy backed by stablecoins, converting a significant portion of the funds raised from the IPO into dollar-backed tokens, which serves as protection given the volatility of the crypto market.
ARK is not only investing in Bullish. The company has experience with strategic moves in the cryptocurrency market. It acquired shares of Circle for $373 million immediately after the company's debut, and previously added shares of Coinbase and BitMine during market declines.
All of this is part of ARK's long-term strategy aimed at developing infrastructure, fintech, and blockchain platforms, including the acquisition of crypto-native companies during market downturns.
The Bullish IPO and ARK Invest's participation in the IPO may reopen the floodgates for cryptocurrency IPOs. With greater regulatory flexibility and institutional investors' desire for regulated participation in digital assets, crypto companies that previously stayed on the sidelines are finding pathways through Wall Street.
This could lead to an increased influx of institutional capital into public cryptocurrency stocks, strengthening legitimacy and a turning point in the relationship between cryptocurrency and traditional finance.
According to recent research, the momentum for cryptocurrency IPOs is gaining traction again. ARK Invest's purchase of 2.53 million shares of Bullish demonstrates institutional confidence in the correctness of the path for cryptocurrencies to enter public markets.
The Bullish IPO, based on a stablecoin strategy and backed by major names, has attracted attention, and ARK Invest's purchase of shares signifies that the company believes this wave of IPOs will continue.