Cathie Wood Invests $12M in BLSH Stock Amid 27% Monthly Plunge: Unveiling the Reasons

Key Points

• Ark Investments, led by Cathie Wood, bought $12 million worth of Bullish (BLSH) shares, despite a 27% price drop in the past month.
• Bullish has launched operations in 20 US states and reported $82 million in trading volume five days after launching a new crypto options platform.

Ark Investments, the asset management firm headed by Cathie Wood, acquired $12 million worth of shares from the cryptocurrency exchange, Bullish (NYSE: BLSH).

This purchase of 238,000 BLSH shares is noteworthy as it occurred despite the stock price falling by 27% over the past month.

Investments in Bullish Amidst High Trading Volumes

Ark Investments has been increasing its exposure to Bullish following the latter’s debut on the New York Stock Exchange.

The recent purchase was spread across Ark’s ETF portfolio, with the ARK Innovation ETF (ARKK) fund buying 164,214 BLSH shares. Additionally, the ARK Next Generation Internet ETF (ARKW) added 49,056 shares, while the ARK Fintech Innovation ETF (ARKF) acquired 25,076 shares.

This follows Ark’s buying activity from last week, when the firm bought over $5 million worth of Bullish shares. Since Bullish’s $1.1 billion NYSE listing, Ark has accumulated roughly $172 million worth of shares across its various funds.

These purchases highlight Ark’s confidence in the long-term growth prospects of Bullish. This is another significant investment in the crypto space by Ark, following their recent acquisition of the HOOD stock.

Bullish reported over $82 million in trading volume just five days after launching its new crypto options platform. This marked a strong debut for the product.

The platform allows users to leverage their entire portfolio as collateral across spot, futures, and options markets, thereby improving overall capital efficiency. Institutional partners such as FalconX Global, Wintermute, and BlockTech participated in the launch.

Bullish stated that it designed the product to address the existing “pain points” in trading crypto options. Bullish stock closed at $50.26, down 0.71% on Monday. In the pre-market trading hours on Nov. 4, the stock price slipped under $50.

Bullish’s Expansion in the US

Bullish has officially started operations in 20 US states after obtaining both a BitLicense and a money transmission license from the New York State Department of Financial Services (NYDFS).

The firm initiated US operations with two institutional clients, BitGo and Nonco. This also marks the start of its regulated expansion.

Founded in 2021, Bullish has already processed more than $1.5 trillion in global trading volume. It ranks among the top 10 crypto exchanges by Bitcoin (BTC) and Ethereum (ETH) trading activity.