Ark Invest adds $12 million in Bullish shares across three ETFs

Cathie Wood’s Ark Invest has increased its stake in Bullish, purchasing $12 million in shares as the crypto exchange continues to expand its U.S. trading operations.

Cathie Wood’s Ark Invest purchased approximately $12 million worth of Bullish shares on Monday, acquiring a total of 238,346 shares across three of its exchange-traded funds.

The ARK Innovation ETF (ARKK) bought 164,214 shares, the ARK Next Generation Internet ETF (ARKW) added 49,056 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 25,076 shares. Following Monday’s purchases, Bullish makes up just under 1% of ARKK and ARKW, and slightly over 1% of ARKF.

By increasing its exposure while Bullish shares were down more than 22% over the past month, Ark appears to be capitalizing on the recent dip, positioning itself for potential gains as the crypto exchange continues to expand its trading operations.

In early October, Bullish launched spot trading in the U.S., following approval of the BitLicense and Money Transmission License from the New York State Department of Financial Services. The platform has reported cumulative trading volumes exceeding $1.5 trillion since late 2021.

Ark Invest has steadily expanded its stake in Bullish since the exchange’s debut, initially acquiring $172 million in shares when Bullish launched on the New York Stock Exchange in August.

The recent buy suggests that Ark may be strategically increasing its holdings ahead of Bullish’s third-quarter earnings report scheduled for November 19, potentially anticipating a positive impact from the company’s trading performance.