Ark Invest has significantly increased its stake in Bullish (BLSH), acquiring $12.5 million worth of shares over four consecutive trading days. On Thursday, Cathie Wood's firm purchased about $5 million in BLSH stock across its ARKK, ARKW, and ARKF exchange-traded funds, continuing a pattern that began Monday.
The buying came as Bullish shares fell 2.73% to $35.96 on Thursday, adding to a recent slump that saw a 17% decline over two weeks and a 14.2% drop over the past month. The weakness coincided with Bitcoin struggling to break above the $80,000 resistance level, a typical entry opportunity Ark has historically exploited during broader digital asset downturns.
Ark's move follows Bullish's first-quarter earnings report, which revealed a net loss of $604.9 million, nearly doubling from the prior year. However, adjusted revenue rose to $92.8 million from $62.4 million a year earlier. CEO Tom Farley has outlined a strategy focused on institutional crypto adoption, emphasizing tokenization services, a unified ledger, and issuer relationships. The company recently announced a $4.2 billion acquisition of Equiniti to support long-term growth.
Bullish, which also owns CoinDesk, went public in August 2025 at $37 per share and has since traded below that price. The firm holds approximately 24,300 BTC, ranking it among the largest corporate Bitcoin holders globally.
