Ark’s Strategic Move: Millions Spent on Bullish as Shares Slip 4.5%
Cathie Wood’s Ark Invest bought $10.2 million worth of Bullish shares in three of its exchange-traded funds on Monday. The company’s deliberate attempt to increase its exposure to cryptocurrency is furthered by this transaction. The company’s Monday trading report states:
- 191,195 Bullish shares of the ARK Innovation ETF (ARKK) were purchased.
- 56,660 Bullish shares of the ARK Next Generation Internet ETF (ARKW) were acquired.
- 29,208 Bullish shares were added to the ARK Fintech Innovation ETF (ARKF).
Bullish‘s shares fell on the New York Stock Exchange concurrently with Ark’s most recent purchases. It ended Monday at $36.75, down 4.5%.
Ark Shows Institutional Confidence in Crypto Market
Throughout the year, Ark has been actively modifying its exposure to cryptocurrencies. It purchased $7.28 million in Bullish, $15.56 million in Circle, and $8.86 million in BitMine last Thursday. Ark’s faith in the long-term development potential of cryptocurrency and blockchain-related assets is evident in these calculated purchases. Ark seeks to balance risk and reap rewards in the developing digital finance industry by diversifying among exchanges, stablecoin issuers, and treasury-backed platforms. In the face of continuous volatility, investors may interpret these actions as a show of institutional commitment to the crypto market.
Bullish Q3 Preview: Revenue Declines While Losses Narrow
On November 19, Bullish, a cryptocurrency exchange supported by billionaire tech investor Peter Thiel, is expected to release its third-quarter financial results. It reported adjusted revenue of $57 million in the second quarter, compared to $67 million in the same period last year. The second quarter’s net income was $108.3 million. It reported a $116.4 million net loss during the same time last year.
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