Cathie Wood's Ark Invest acquires $8.3 million worth of Bullish shares

Cathie Wood-led Ark Invest purchased $8.27 million worth of Bullish shares on Tuesday through its exchange-traded funds.

In its latest trade filing, Ark disclosed that its ARK Innovation ETF (ARKK) bought 120,609 shares of Bullish, while ARK Next Generation Internet ETF (ARKW) purchased 40,574 shares.

Ark has ramped up its exposure to Bullish since the crypto exchange made its New York Stock Exchange debut last month. During the week of Bullish's $1.1 billion IPO, Ark acquired around $172 million worth of shares across three ETFs. 

Bullish stock rose 0.55% on Tuesday to close at $51.36, according to Google Finance data. However, its price is down 24.47% since debut, data shows.

Earlier this month, analysts at research and brokerage firm Bernstein said that they expect Bullish to emerge as the second-largest institutional crypto exchange behind Coinbase, pending the successful launch of its U.S. business in 2026. The research firm set an initial price target at $60 for the company's stock.

On Tuesday, Ark also purchased 109,678 shares of Figma Inc., worth around $5.9 million. Figma, a digital design tech company, went public on July 31 with a New York Stock Exchange listing. In its S-1 filing for the IPO, Figma revealed that it owned $70 million worth of Bitwise's bitcoin ETF shares and had purchased $30 million in USDC with the intention of buying bitcoin.