Ark Invest increased its exposure to crypto exchange Bullish after the company’s shares declined for five straight trading sessions and later posted a modest recovery.
The investment firm led by Cathie Wood purchased additional Bullish shares across its ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF, further backing the digital asset platform.
Here is every move Cathie Wood and Ark Invest made in the markets yesterday, May 18th pic.twitter.com/DpSHsPbbvs
— Ark Invest Tracker (@ArkkDaily) May 19, 2026
Ark acquired 52,308 Bullish shares on May 18, followed by another 69,712 shares on May 19. The second purchase was valued at about $2.48 million, bringing the two-day accumulation to roughly $4.4 million.
Bullish stock recovers after sharp decline
Bullish shares had dropped 15.4% over five consecutive trading days before rebounding 1.88% to close at $36.23 on Tuesday. Despite the recovery, the stock remains down 16.7% over the last month.
Ark is known for actively adjusting positions within its exchange-traded funds, especially when crypto-related stocks experience major price swings. The firm also maintains allocation limits to prevent a single asset from taking up an outsized share of a portfolio.
The latest purchases came as Bullish released first-quarter earnings that showed stronger business activity but deeper losses.
Bullish posts higher revenue despite wider loss
Bullish reported a net loss of $604.9 million in the first quarter, widening from a $348.6 million loss recorded a year earlier.
However, adjusted revenue rose to $92.8 million from $62.4 million during the same period.
The exchange also reported $51.8 billion in digital asset sales, while options trading volume reached $11.6 billion. Bullish added that open interest captured a 14% market share in April, signalling growing activity across its derivatives business.
Ark has shown interest in Bullish since its public listing, which valued the exchange at about $5.4 billion after it raised $1.1 billion in its IPO by selling 30 million shares at $37 each.
Equiniti acquisition supports tokenization strategy
Bullish continues to position tokenized securities as a major growth area through its planned $4.2 billion acquisition of Equiniti.
Bullish CEO Tom Farley said the deal would help build the infrastructure needed for blockchain-based financial markets.
The acquisition would also give Bullish access to a transfer agent network serving about 3,000 companies and nearly 20 million shareholders, strengthening its push into institutional tokenization.
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