Cathie Wood’s Ark Invest Acquires Bullish (BLSH) Shares Amid Price Drop
After a successful IPO, Bullish (NASDAQ: BLSH) stock has dropped 32% over the past week, currently trading at $59.51, above its IPO price of $37.
Cathie Wood’s Ark Invest Acquires More Shares
- ARK Innovation ETF (ARKK) purchased 356,346 shares of Bullish worth approximately $21.2 million on August 19.
- ARK also acquired 150,908 shares of Robinhood valued at about $16.2 million.
- This follows a previous purchase of 2.53 million Bullish shares worth over $172 million across three ETFs after the IPO.
Bullish announced it secured $1.15 billion in proceeds from the IPO in stablecoins, marking a milestone in U.S. IPOs.
Market Context
- Bullish's stock peaked at $96 on its debut but has faced significant selling pressure amid a broader downturn in crypto-related stocks.
- Other crypto-linked stocks experienced declines: Coinbase (-5.82%), Galaxy Digital (-10.06%), Strategy (-7.43%), and Circle (-4.49%).
- The Nasdaq Composite fell 1.46%, indicating widespread investor concerns.