Ark Invest Invests $172 Million in Bullish, Shares Soar 83% on NYSE Debut
Ark Invest, led by Cathie Wood, purchased $172 million worth of shares in cryptocurrency exchange Bullish on the first day of its IPO on the New York Stock Exchange (NYSE).
According to the company’s latest trading data, the ARK Innovation ETF (ARKK) acquired 1.7 million Bullish shares, the ARK Next Generation Internet ETF (ARKW) acquired 545,416 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 272,755 shares.
Bullish shares closed at $68, up 83.8% from Wednesday’s IPO. The company raised $1.1 billion in the offering. The share price rose another 11.2% in after-hours trading.
Bullish, backed by billionaire tech investor Peter Thiel, set its IPO price at $37, up from its $32-$33 range earlier this week and $28-$31 range last week, according to CNBC data.
The company announced that it plans to use the IPO proceeds to fund general corporate needs, working capital and potential acquisitions.
Bullish’s successful market debut reiterated both investor interest in crypto-focused IPOs and Ark Invest’s aggressive strategy in high-risk tech and digital asset investments.
*This is not investment advice.
