TLDR
- ARK Invest purchased $1.1 million of Bullish shares on January 28, ending a six-week break from crypto stock buying.
- The purchase included 33,022 BLSH shares split between ARKK (31,543 shares) and ARKF (1,479 shares).
- BLSH dropped 4.5% to $34.33 on the purchase date and fell further to $32.76 the following day.
- Bullish is a Peter Thiel-backed institutional crypto exchange that went public in August 2025.
- ARK’s late-January crypto shopping included $21.5 million across three platforms as Bitcoin traded below $90,000.
Cathie Wood’s ARK Invest broke a six-week silence on crypto stocks. The firm bought Bullish shares worth $1.1 million on January 28.
This marks ARK’s first crypto stock purchase since mid-December 2025. The timing comes as Bitcoin struggles below the $90,000 mark.
Bullish operates an institutional crypto exchange. PayPal co-founder Peter Thiel backs the platform, which targets professional traders and large-scale investors.
The company went public in August 2025 during a wave of crypto IPOs. It’s headquartered in the Cayman Islands.
ARK distributed the purchase across two funds. The ARK Innovation ETF bought 31,543 shares while the ARK Blockchain & Fintech Innovation ETF added 1,479 shares.
The total came to 33,022 BLSH shares. Wood’s firm also picked up shares in Coinbase and Circle Internet that week, spending $21.5 million total on crypto platforms.
Stock Performance Drops Despite ARK Interest
The market didn’t reward Bullish for attracting ARK’s attention. Shares opened at $35.88 and closed at $34.33 on January 28.
That’s a 4.5% single-day decline. The selling continued into the next session.
By January 29, BLSH traded at $32.76. The stock shed another 4% in 24 hours.
Wood has championed digital assets for years. ARK Invest became the first public asset manager to gain Bitcoin exposure back in 2015.
The early bet faced skepticism. ARK stuck with its conviction as the crypto market expanded.
The firm’s current crypto holdings include major names. Circle Internet Group, Coinbase Global, Robinhood Markets, and Bitmine Immersion Technologies all sit in ARK portfolios.
Earnings and Valuation Questions Loom
Bullish reports Q4 2025 earnings on February 5. The release will show revenue from its exchange operations and new products.
The company recently partnered with Deutsche Bank. It also launched crypto options trading and added subscription-based services.
Valuation estimates paint a confusing picture. Fair value projections range from $3,087 to over $30,000 per share.
The massive spread reflects uncertainty about profitability. Bullish trades at elevated multiples compared to its sales.
ARK Invest made other moves that day too. The firm reduced stakes in Teradyne, Illumina, and Kratos Defense & Security Solutions.
It added biotech positions in CRISPR Therapeutics, Beam Therapeutics, and Intellia Therapeutics. The crypto buys represent just one part of ARK’s broader portfolio shifts.
Bullish went public during a hot crypto IPO market. The timing gave it initial momentum and visibility with institutional investors.