EddieJayonCrypto
17 Sep 25
ARK Invest has invested $129 million in Bullish, a volatile crypto exchange, through multiple purchases including 160,000 shares. The firm also increased its stake in Bitcoin miner BitMine and maintains a position in Block. Bullish's stock surged after its IPO but later dropped 57%, with mixed analy...
**ARK Invest’s Bold Bet on Bullish: A Crypto Play Amid Market Volatility** Cathie Wood’s ARK Invest is doubling down on its crypto bets, pouring over $129 million into Bullish, the controversial crypto exchange that’s seen wild swings since its debut. The move highlights both the firm’s conviction in blockchain’s future and the risks of investing in a market as volatile as it is promising. ARK’s latest purchases—160,000 shares of Bullish across two of its ETFs—bring its total exposure to the exchange to a staggering $129 million. This follows a series of strategic buys, including a $21 million chunk in August and a $7.5 million infusion earlier this month. But the timing is anything but straightforward. Bullish’s stock rocketed to $118 on its IPO day in August, more than tripling its $37 price, only to crash to $51.36 by Tuesday—a 57% drop. The decline has left investors on edge, especially as the exchange prepares for its first post-IPO earnings report. Analysts are split: Jefferies, JP Morgan, and Bernstein have taken a neutral stance, while Cantor Fitzgerald calls Bullish “overweight,” suggesting it could outperform. So why is ARK buying the dip? The firm has long been a champion of disruptive tech, and Bullish’s vision of a “blockchain-powered stock exchange” aligns with its mission. But the numbers tell a mixed story. Bullish reported flat revenue growth and a 270% plunge in operating income for the quarter ending in March, raising questions about its sustainability. Yet ARK isn’t betting just on Bullish. The firm recently boosted its stake in Bitcoin mining company BitMine by $4.4 million, now holding 6.7 million shares worth $284 million. It also maintains a $193 million position in Jack Dorsey’s Block (formerly Square), further diversifying its crypto footprint. This strategy reflects a broader trend: institutional investors are increasingly viewing crypto not as a niche experiment but as a core part of the financial ecosystem. But with regulatory uncertainty and market volatility, even the most confident investors face hurdles. As Bullish’s earnings report looms, all eyes will be on whether the exchange can prove its viability—or if ARK’s bets will backfire. For now, the firm’s moves underscore a key truth in finance: the most ambitious plays often come with the highest stakes. What’s your take on ARK’s crypto strategy? Are you bullish on Bullish, or does the risk outweigh the reward? Let’s discuss.