ARK Invest Adds $8.2M in Bullish Stock Despite Post-IPO Decline

Quick Breakdown 

• ARK Invest purchased 160K Bullish shares worth $8.2M, raising its total holdings to $129M.
• Bullish stock has dropped 57% since its August IPO peak despite initial hype.
• Analysts remain split, with ratings ranging from “neutral” to “overweight.”

Cathie Wood’s firm deepens crypto exposure as Bullish shares struggle

Cathie Wood’s ARK Invest has expanded its position in crypto exchange Bullish (BLSH), snapping up more than 160,000 shares worth $8.21 million across two of its flagship funds.

According to a Tuesday filing, the ARK Innovation ETF (ARKK) bought 120,609 shares, while the ARK Next Generation Internet ETF (ARKW) added 40,574 shares. Together with its ARK Fintech Innovation ETF (ARKF), the investment firm now controls over $129 million in Bullish stock.

Here\’s every move Cathie Wood and Ark Invest made in the stock market today 9/16 pic.twitter.com/7PZrr6Hfjs

— Ark Invest Tracker (@ArkkDaily) September 17, 2025

Active trading since NYSE debut

ARK has been actively trading Bullish since the exchange’s August 13 IPO on the New York Stock Exchange. At its debut, the firm purchased 2.53 million shares worth $172 million. Earlier this month, ARK acquired another $7.5 million stake, following a $21 million buy on August 20.

Despite the fresh purchases, ARK’s total Bullish holdings have dipped slightly to 2.52 million shares, suggesting it has taken profits during price swings and is now re-entering at lower levels.

Bullish shares down from highs

Bullish shares initially surged, hitting an intraday high of $118 — a 218% jump from the IPO price of $37. However, the stock has since lost momentum, closing Tuesday flat at $51.36, down 57% from its peak.

Financials also reflect challenges: revenue slipped 0.2% year-over-year in the March quarter, while operating income plunged 270%. Investors are watching closely as Bullish prepares to release its second-quarter earnings on Thursday.

Analysts divided on outlook

Analyst opinions remain mixed. Jefferies initiated coverage with a “hold,” while JP Morgan and Bernstein tagged the stock as “neutral.” By contrast, Cantor Fitzgerald issued an “overweight” rating, signalling optimism that Bullish could outperform peers.

Bullish isn’t ARK’s only crypto bet. The firm bought $4.4 million in BitMine shares on September 9, raising its total stake to 6.7 million shares worth $284 million. It also holds $193 million in Block stock, backed by Jack Dorsey.

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