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Hassan Shittu
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Hassan Shittu
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Cathie Wood’s Ark Invest is upping its bet on Bullish Holdings, the crypto exchange backed by billionaire Peter Thiel, with a new $11.98 million purchase this week.
The latest purchase marks the continued accumulation of bullish stock Ark (BLSH) after its public debut in August.
According to Ark’s Monday trading disclosure, the investment firm acquired a total of 238,346 Bullish shares in three of its actively managed exchange traded funds.
The flagship ARK Innovation ETF ( ARKK ) picked up 164,214 shares, the ARK Next Generation Internet ETF ( ARKW ) bought 49,056 shares, and the ARK Fintech Innovation ETF ( ARKF ) added 25,076 shares.
Together, the purchases bring Ark’s total investment in Bullish to more than $209 million since the exchange went public.
Ark Invest Keeps Faith in Bullish, Increasing Exposure After US Exchange Expansion
Bullish stocks now make up 0.97% of ARKK, 0.98% of ARKW, and 1.18% of ARKF. The addition comes despite recent volatility; The bullish stock ( BLSH ) traded almost flat on Monday, closing 0.61% lower at $50.26.
The stock is down 22.45% in the past month and remains about 47% from its August debut.
Ark initially invested $172 million in bullish stocks during the company’s New York Stock Exchange listing at $37 per share.
The August offering, one of the largest crypto IPOs of 2025, valued Bullish at about $5.4 billion and raised $1.1 billion through the sale of 30 million shares.
Ark and BlackRock have expressed the first interest in the agreement, demonstrating the institutional confidence in the Bullish exchange model and the regulatory base.
Founded in 2021 and headquartered in the Cayman Islands, Bullish combines centralized infrastructure with blockchain-based transparency. The exchange is aimed at institutional and professional traders and has handled more than $1.5 trillion in cumulative trading volumes since launch.
In September, Bullish secured both the BitLicense and the Money Transmission License by the New York State Department of Financial Services, a key milestone that allowed spot trading to be launched in 20 US states, including New York, California and Florida.
Will Ark’s Bullish Bet Pay Off or Repeat the Pain of 2022?
The strong bullish regulatory momentum coincided with the financial improvement. The exchange reported a net profit of $108.3 million in the second quarter of 2025reversing a loss of $116.4 million a year earlier.
Adjusted revenue for the period came in at $57 million, up from $67 million in the previous year, while business volume reached $179.6 billion. The company is scheduled to release its third quarter earnings on November 19.
Ark’s latest purchase aligns with its long-standing strategy of investing in what it calls “disruptive innovation.” The firm manages more than $16 billion in assets and focuses on high-growth sectors, including artificial intelligence, robotics, genomics and blockchain technology.
The ARK Innovation ETF, Ark’s flagship fund with $8.4 billion in assets, is heavily weighted toward technology and crypto-linked companies.
Its top holdings include Tesla (12.32%), Coinbase (5.86%), Roku (5.73%), and Robinhood (4.8%).
Bullish’s growing presence in the portfolio signals Ark’s confidence in the exchange’s role in the evolving digital asset ecosystem.
Ark’s crypto-related exposure in its main ETFs, ARKK, ARKW and ARKF, now exceeds $2.15 billion, which covers stocks like Coinbase, Robinhood, and Circle Internet Group, as well as direct holdings via the ARK 21Shares Bitcoin ETF (ARKB).
From October 31, the flagship Ark Innovation ETF (ARKK) is up 54.5% year-to-date, far overcome the S&P 500 gained 16.3%.
Wood’s remarkable 153% return in 2020 helped build his reputation and attract a loyal following.
His strategy can lead to strong gains during bull markets, but also painful losses, as seen in 2022, when ARKK fell by more than 60%.
