ARK Invest, led by Cathie Wood, has made significant waves in the stock market by purchasing approximately $172 million worth of shares in the cryptocurrency exchange Bullish during its initial public offering (IPO) debut. This strategic investment came as Bullish’s stock saw an impressive surge of 83.8% on its first day of trading, closing at $68.
On Wednesday, ARK Invest acquired a total of 2.53 million shares of Bullish distributed across three of its exchange-traded funds (ETFs). The breakdown of the purchases is as follows: the ARK Innovation ETF (ARKK) acquired 1,714,522 shares, the ARK Next Generation Internet ETF (ARKW) added 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 272,755 shares. The total investment marks a significant commitment from ARK, reflecting the growing interest in the cryptocurrency sector.
Bullish’s stock initially opened at $90 and peaked at an intraday high of $118, representing a remarkable increase of over 215% from the IPO price of $37. Following the first day of trading, Bullish’s market capitalization soared to over $10 billion, with shares gaining an additional 11.2% in after-hours trading.
The Cayman Islands-based company, which operates a cryptocurrency exchange and owns CoinDesk, priced its IPO above earlier expectations, raising approximately $1.1 billion through the sale of 30 million shares. This IPO marks Bullish’s second attempt to go public, following a previous effort via a special purpose acquisition company (SPAC) that fell through in 2021 due to adverse market conditions.
Bullish operates through subsidiaries across a variety of jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the United Kingdom, Germany, and Gibraltar. This extensive operational footprint highlights the company’s strategic positioning in the global cryptocurrency landscape.
This IPO follows a series of high-profile offerings in 2025. Notably, Circle, the issuer of the USDC stablecoin, successfully raised $1.1 billion in its public debut in June, marking a record-setting 167% gain on its first trading day. Additionally, on June 6, Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, filed confidentially for a US listing, signaling continued optimism in the crypto market.
As the cryptocurrency sector continues to evolve, investments from firms like ARK Invest indicate a robust confidence in the future of digital finance and innovation.
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