ARK Invest scoops $172M in Bullish shares as stock soars 83% on debut
Main Idea
ARK Invest purchased $172 million worth of Bullish shares as the crypto exchange surged 83.8% on its debut, marking a significant entry into the market.
Key Points
1. ARK Invest bought 2.53 million Bullish shares across three ETFs: ARKK (1,714,522 shares), ARKW (545,416 shares), and ARKF (272,755 shares).
2. Bullish's stock closed at $68 on its first trading day, an 83.8% increase from its IPO price of $37, reaching a market cap above $10 billion.
3. The shares rose another 11.2% in after-hours trading, peaking at $118 before pulling back.
4. Bullish raised $1.1 billion through its IPO, pricing shares above initial expectations of $32–$33 per share.
5. This was Bullish's second attempt at going public after a failed SPAC deal in 2021.
Description
Cathie Wood’s ARK Invest scooped $172 million worth of Bullish shares across three ETFs as the crypto exchange surged 83.8% in its first day of trading.
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