ARK Invest purchased over $172 million in Bullish shares during the crypto exchange’s IPO debut.
- ARK Invest added 2.53 million Bullish shares across three ETFs.
- Bullish stock closed 83.8% higher than its $37 IPO price.
- The IPO raised $1.1 billion and valued Bullish above $10 billion.
ARK Invest Makes Bold Move
ARK Invest, led by Cathie Wood, bought a total of 2.53 million shares in crypto exchange Bullish on the day it went public. The investment was split across three of its exchange-traded funds (ETFs):
The ARK Innovation ETF (ARKK) acquired 1.7 million shares, the ARK Next Generation Internet ETF (ARKW) picked up 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) bought 272,755 shares. At the IPO closing price of $68, these purchases totalled about $172 million.
Bullish Stock Surges on First Day
Bullish had a strong debut on the New York Stock Exchange (NYSE). Starting at $90, the stock hit an intraday high of $118 before settling at $68—a rise of 83.8% from its IPO price of $37. In after-hours trading, it climbed another 11.2%. The company now has a market cap of over $10 billion.
High Investor Interest in Crypto IPOs
This offering marked Bullish’s second attempt to go public after a failed SPAC merger in 2021. This time, the firm raised $1.1 billion through the sale of 30 million shares. The IPO price exceeded early expectations of $32–$33 per share.
Bullish, based in the Cayman Islands, owns crypto media outlet CoinDesk and operates across multiple regions including Singapore, the UK, Hong Kong, and Germany.
Crypto IPO Momentum Builds
2025 has seen a wave of crypto companies going public. In June, Circle, the issuer of USDC, also raised $1.1 billion. Its stock jumped over 160% on its first day. Gemini, founded by the Winklevoss twins, has also filed for an IPO.
The success of these listings signals growing demand from both Wall Street and retail investors in crypto assets and companies.
Source: cointelegraph.com
