Cathie Wood's Bold Crypto Move: Doubling Down on Thiel's Exchange
Ark Invest's Significant Stake in Bullish
On Tuesday, Ark Invest, under the leadership of Cathie Wood, executed several notable transactions. The most prominent among these was the acquisition of shares in Bullish, a cryptocurrency exchange that has received support from billionaire investor Peter Thiel. Ark Invest channeled these investments through three of its primary exchange-traded funds: the Ark Fintech Innovation ETF, the ARK Innovation ETF, and the ARK Next Generation Internet ETF. The cumulative purchase amounted to 23,963 shares, with an estimated value of approximately $1.09 million, based on the closing price of $45.75 per share.
Bullish's Market Position and Previous Endeavors
In the preceding August, Bullish had announced an increase in both the volume and pricing of its impending initial public offering, as disclosed in an SEC submission. The cryptocurrency platform intended to offer 30 million shares, with individual prices ranging from $32 to $33, aiming for a valuation nearing $5 billion. This recent strategic move by Ark Invest follows a previous acquisition on Monday, where the firm reportedly purchased Bullish stock worth $11.9 million. Despite these new investments, Coinbase Global Inc. continues to be one of Ark's most significant assets, representing 5.96% of its flagship ARKK ETF and valued at $489.9 million at the time of writing.
Diverse Portfolio Adjustments by Ark Invest
Beyond its significant investment in Bullish, Ark Invest engaged in a series of other strategic trades. The firm divested 20,485 shares of SoFi Technologies Inc., thereby reducing its holdings within the ARKF ETF. Concurrently, Ark Invest increased its stake in CRISPR Therapeutics AG, purchasing 21,865 shares for the ARKG ETF and an additional 140,462 shares for ARKK. Conversely, it reduced its position in Ionis Pharmaceuticals Inc., selling 16,952 shares from the ARKG ETF. Furthermore, Ark Invest expanded its holdings in Beam Therapeutics Inc., acquiring 50,163 shares for the ARKG ETF and 240,838 shares for ARKK. Lastly, the firm sold 25,846 shares of Adaptive Biotechnologies Corp. from its ARKG ETF.
Bullish Stock Performance and Market Comparison
According to Benzinga's Edge Stock Rankings, Bullish stock currently exhibits an unfavorable performance across short, medium, and long-term price trends. This assessment contrasts with the market standing of its competitor, Coinbase, highlighting the varying perceptions and performances within the cryptocurrency exchange sector.