Ark Invest’s Cathie Wood made a bold move Wednesday by purchasing $172 million worth of shares in the crypto exchange Bullish. The investment came during the company’s blockbuster public debut and fueled a 83% surge in stock price.
Wood’s firm, ARK Innovation ETF (ARKK), acquired over 1.7 million shares across its ETFs, including the ARKW for Next Generation Internet and ARK Fintech Innovation. Bullish’s initial public offering, priced above expectations at $68 per share, saw a significant jump in stock price during the first trading session, closing with a market capitalization exceeding $10 billion. Shares rallied even further after hours, showing another 11.2% increase.
Despite starting at $90 and reaching an intraday high of $118, Bullish experienced volatility before settling on a more consistent upward trend.
Bullish’s debut follows a wave of high-profile IPOs in the crypto space this year. Circle raised over $1 billion in its June public offering, surpassing expectations for a record-setting 167% gain on the first day. Gemini, founded by the Winklevoss twins, filed for a US listing in June, signaling continued momentum in this segment.
The surge comes amidst a broader trend of increased investment in the crypto sector.