Chiara Bianchi
Cathie Wood’s Ark Invest has made a major bet on newly listed crypto exchange Bullish, snapping up $172 million worth of shares across three of its exchange-traded funds following the company’s debut on the New York Stock Exchange (NYSE) on Wednesday.
According to Ark’s latest trading disclosure:
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The ARK Innovation ETF (ARKK) purchased 1.7 million shares.
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The ARK Next Generation Internet ETF (ARKW) acquired 545,416 shares.
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The ARK Fintech Innovation ETF (ARKF) added 272,755 shares to its holdings.
Bullish Stock Soars on First Trading Day
Bullish shares skyrocketed 83.8% on their first day of trading, closing at $68, after raising $1.1 billion through an initial public offering (IPO), per Yahoo Finance data. The rally continued in after-hours trading, where the stock gained another 11.2%.
The exchange, which is backed by billionaire tech investor Peter Thiel, priced its IPO at $37 per share, beating earlier projections of $32–$33 this week and $28–$31 the week prior, according to CNBC.
IPO Proceeds to Fuel Expansion
Bullish stated that the IPO funds will be used for general corporate purposes, working capital, and to finance potential future acquisitions as the company seeks to strengthen its position in the competitive crypto trading landscape.
