Ark Invest Snaps Up $10M Bullish Shares as Crypto Stocks Slide

Ark Invest bought over $10 million in Bullish shares as the stock hit a record low, just before the exchange's Q3 earnings report. The purchase comes amid a broader downturn in crypto stocks.

Ark Invest has purchased over $10 million worth of Bullish shares, acquiring 277,063 shares across its ARKK, ARKW, and ARKF exchange-traded funds on November 17. This move came as Bullish's stock price dropped 4.5% to $36.75, continuing a downward trend that has seen the stock fall nearly 46% over the past six months. The purchase was made just ahead of Bullish's third-quarter earnings report, scheduled for November 19. In the previous quarter, Bullish reported $57 million in adjusted revenue, a decrease from $67 million the year before, but achieved a net income of $108.3 million, reversing a net loss of $116.4 million from the prior year. Bullish, which has processed over $1.5 trillion in trading volume since late 2021, recently launched spot trading in the US after securing a key license. Ark Invest has also recently expanded its crypto holdings, including significant investments in Circle and BitMine.