Key Takeaways:
- Bullish (BLSH) shares tripled on its IPO debut, drawing strong interest from Wall Street.
- Prominent tech investor Cathie Wood’s Ark Invest invests $177 million in the cryptocurrency exchange Bullish.
- The move strengthens Ark’s long-term crypto strategy by adding to its multibillion-dollar investments in Coinbase, Robinhood, and Circle.
The trend of cryptocurrency companies going public is sweeping the market by storm with several explosive Initial Public Offerings (IPOs). The most recent example is the cryptocurrency exchange Bullish (BLSH), which saw its stock price more than triple on its first day of trading since Wednesday. The explosive rally drew the attention of Wall Street’s most prominent tech investor, and Ark Invest’s CEO, Cathie Wood, who purchased a significant amount of Bullish shares, sending a strong signal to the markets about investing in crypto-themed stocks.
Ark’s Massive Post-IPO Purchase
According to its daily trade declarations, Ark Invest purchased 2,532,693 Bullish shares on Wednesday through three exchange-traded funds (ETFs): ARKK, ARKW, and ARKF. The trade was worth around $177 million based on the day’s closing price. By the next afternoon, as the stock continued to trade near $75, Ark’s investment was worth nearly $189 million.
Explosive IPO Rally for Bullish
The crypto exchange Bullish, which also owns the publication CoinDesk, was listed at $37 on the day of its IPO. The stock had surged to $118 before settling around the levels of $74 at the time of writing. The explosive rally on the first day is similar to the successful debut of the stablecoin issuer Circle (CRCL) in June. Ark Invest holds a significant stake in Circle worth $626 million.
Deepening a Crypto-Focused Strategy
This major purchase of Bullish stock deepens Ark Invest’s significant and long-standing bet on the digital asset ecosystem. Ark Invest currently has positions worth $1.5 billion in shares of major publicly listed companies within the crypto domain, such as Coinbase (COIN) and Robinhood (HOOD). The successful IPOs of Circle and Bullish send a sentiment of encouragement to other major crypto firms, such as Gemini and Kraken, who are also rumored to be considering public listings.
