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Ark Invest buys 11.98 million USD shares of the crypto exchange Bullish
Cathie Wood's Ark Invest bought a total of 238,346 Bullish shares worth approximately 11.98 million USD on Monday, distributed equally among three ETF funds including ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF).
This move continues to increase Ark's exposure to the crypto exchange Bullish, backed by billionaire Peter Thiel. Previously, Ark invested 172 million USD to purchase Bullish shares when the exchange was listed on the New York Stock Exchange in August.
After the latest transaction, Bullish shares account for 0.97% of the ARKK portfolio, 0.98% of ARKW, and 1.18% of ARKF.
Bullish stocks were nearly flat on Monday, down 0.61% to $50.26; they have now fallen more than 22% in the past month and lost nearly 47% of their value since the IPO.
Bullish officially launched spot trading in the US in early October after receiving the BitLicense and Money Transmission License from the New York State Department of Financial Services. Since the end of 2021, the exchange has reported a total trading volume of over 1.5 trillion USD.
Bullish will announce its Q3 financial report on November 19th. In Q2, the company reported adjusted revenue of 57 million USD and a net profit of 108.3 million USD, a significant improvement compared to the loss of 116.4 million USD in the same period last year.