In the grand theater of financial endeavors, where fortunes are made and lost with the flick of a pen, Cathie Wood’s ARK Invest, a veritable titan of investment, found itself enraptured by the allure of the crypto exchange known as Bullish. On a fateful Wednesday, as the sun rose over the bustling markets, ARK Invest acquired a staggering 2.53 million shares across three of its illustrious exchange-traded funds (ETFs), as if they were collecting rare stamps in a dusty old album.
Trade notifications, those heralds of financial news, revealed that the ARK Innovation ETF (ARKK) snatched up 1,714,522 shares, while the ARK Next Generation Internet ETF (ARKW) added a modest 545,416 shares to its collection. The ARK Fintech Innovation ETF (ARKF), perhaps feeling a bit left out, managed to procure 272,755 shares. At the closing price of $68, these acquisitions amounted to a princely sum of approximately $172 million. One might say, “What a bargain!” if one were inclined to jest.
As the day unfolded, Bullish’s stock soared like a kite caught in a tempest, ending its inaugural trading session with a remarkable increase of 83.8% from its initial public offering (IPO) price of $37. The market capitalization, a figure that would make even the most stoic investor’s heart race, surpassed $10 billion. In the after-hours trading, shares leapt another 11.2%, as if they were trying to reach the heavens.
Yet, the journey was not without its bumps. The stock opened at a dizzying $90, reaching an intraday high of $118-more than 215% above the IPO price-before retreating like a soldier in a strategic withdrawal. Ah, the fickle nature of the market! One can only imagine the investors’ hearts fluttering like butterflies in a summer meadow.
Bullish raises $1.1 billion
In a twist of fate worthy of a Tolstoyan narrative, the Cayman Islands-based Bullish, which operates a cryptocurrency exchange and possesses the esteemed CoinDesk, priced its IPO above the earlier expectations of $32-$33 per share. Through the sale of 30 million shares, it raised a staggering $1.1 billion, as reported by the ever-watchful Reuters.
This momentous occasion marked Bullish’s second attempt at entering the public arena. The first, a valiant effort via a special purpose acquisition company (SPAC) in 2021, had crumbled under the weight of rising interest rates, much like a poorly constructed house of cards. Yet, here it stood again, resilient and ready to conquer the markets.
As the tale unfolds, Bullish operates through subsidiaries scattered across the globe, from the bustling streets of Hong Kong to the serene shores of the Cayman Islands, and beyond to Singapore, the United Kingdom, Germany, and Gibraltar. Truly, a modern-day merchant of Venice!
Crypto IPO craze continues
The listing of Bullish follows a veritable tsunami of high-profile offerings this year. Circle, the issuer of the USDC stablecoin, raised $1.1 billion in its public debut in June, exceeding all expectations and achieving a record-setting 167% gain on its first day of trading. One can only wonder if the investors were dancing in the streets, celebrating their newfound wealth.
On June 6, the Winklevoss twins, those modern-day titans of the crypto world, filed confidentially for a US listing with their exchange, Gemini. Both brothers, known for their support of Trump’s reelection bid, have also backed crypto-focused political action committees. Ah, the intertwining of politics and finance-a tale as old as time!
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2025-08-14 10:40