tl;dr
Cathie Wood’s ARK Invest acquired 2.53 million shares of crypto exchange Bullish across three ETFs during its IPO, valued at about $172 million. Bullish’s stock surged 83.8% on its first day, closing at $68 with a market cap over $10 billion, and reached an intraday high of $118. The Cayman Islands-...
Cathie Wood’s ARK Invest made a significant move by acquiring 2.53 million shares of crypto exchange Bullish across three of its ETFs in the company’s successful IPO. The ARK Innovation ETF (ARKK) purchased 1,714,522 shares, the ARK Next Generation Internet ETF (ARKW) added 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) bought 272,755 shares. At Bullish’s closing price of $68, these combined purchases were valued at approximately $172 million.
Bullish’s stock showed remarkable strength on its first trading day, ending up 83.8% from its IPO price of $37, with a market capitalization exceeding $10 billion. After-hours trading saw shares rise another 11.2%. The stock initially opened at $90 and climbed to an intraday high of $118, representing gains of more than 215% above the IPO price before cooling off.
The Cayman Islands-based Bullish, which also owns CoinDesk and operates a cryptocurrency exchange, raised $1.1 billion by selling 30 million shares. The IPO price surpassed initial expectations of $32–$33 per share. This successful public offering came after Bullish’s previous SPAC attempt in 2021 failed amid unfavorable market conditions linked to rising interest rates.
Bullish’s operations span multiple international jurisdictions, including Hong Kong, the Cayman Islands, Singapore, the UK, Germany, and Gibraltar, highlighting its global footprint in the crypto space.
The Bullish IPO is part of a broader surge of crypto-related public listings in 2023, joining notable debuts like Circle, the issuer of the USDC stablecoin. Circle raised $1.1 billion in June, exceeding expectations and achieving a record 167% gain on its first trading day, underscoring a growing appetite for crypto enterprises in public markets.