The recent investment activities of Ark Invest, led by the renowned Cathie Wood, have garnered significant attention in the financial world. According to a registration filed on Tuesday, the company has purchased over 160,000 shares in the crypto exchange Bullish, further solidifying its position in the cryptocurrency market.
Specifically, Ark Invest bought 120,609 shares in two of its funds: the ARK Innovation ETF (ARKK) and the Next Generation Internet ETF. This move brings the company’s total holdings in Bullish to over $129 million across ARKK, ARKW, and its Ark Fintech Innovation ETF (ARKF). The image below illustrates the extent of Ark Invest’s investment in Bullish:
Ark Invest has been a supporter of Bullish since its debut on the New York Stock Exchange last month, initially acquiring 2.53 million shares worth $172 million at the time. The investment company’s latest purchase aims to rebuild its bullish position, having bought $7.5 million in Bullish at the beginning of this month and acquiring Bullish shares worth $21 million on August 20.
Rebuilding the Bullish Position
Despite the latest purchases, Ark’s total number of Bullish holdings across all three of its ETFs currently stands at 2.52 million shares. This suggests that the company has booked some profits and is now preparing to rebuild its share after the debut. The investment strategy of Ark Invest is noteworthy, as it continues to demonstrate its confidence in the growth potential of the cryptocurrency market.
Bullish Stock Performance
Bullish’s shares rose significantly on its listing day, touching an intra-day high of $118 and recording a gain of 218% compared to its IPO price of $37. However, since its debut on August 13, the stock has given up most of its gains and closed trading on Tuesday at $51.36, representing a drop of almost 57% from its all-time high, according to Google Finance.
The company reported a 0.2% decrease in revenue in March, while its operating result was 270% lower in the same period. Bullish is set to release its second-quarter results on Thursday, marking its first earnings report since going public. Analysts have mixed views on the exchange, with some assigning a neutral rating, while others are optimistic about its potential to outperform.
Analyst Ratings and Investment Strategies
Last week, Jefferies initiated a “Hold” rating for Bullish, while JP Morgan and Bernstein assigned a “neutral” rating, according to Yahoo Finance. In contrast, Cantor Fitzgerald had an “overweight” assessment, indicating that it expects Bullish to outperform. Ark Invest has also accumulated other crypto-related stocks in recent months, including a $4.4 million purchase of Bitmine, which increased its overall stake to 6.7 million Bitmine shares worth $284 million.
The company also bought shares of the financial services company Block, supported by Jack Dorsey, and held Block stocks worth $193 million on August 12. These investment activities demonstrate Ark Invest’s commitment to the growth and development of the cryptocurrency market. For more information on Ark Invest’s investment activities and the performance of Bullish, please visit the source link.
