Ark Invest buys another $5 million in Bullish shares as stock slides 3%

Cathie Wood-led investment firm Ark Invest snapped up an additional $5 million in Bullish shares on Thursday across three exchange-traded funds, as the stock closed lower.

According to its daily trading disclosure, Ark purchased a total of 139,117 shares of Bullish on Thursday for its Innovation (ARKK), Next Generation Internet (ARKW), and Blockchain and Fintech Innovation (ARKF) ETFs, valued at approximately $5 million based on today's closing price.

Ark Invest has expanded its Bullish position over the past few trading sessions. On Monday and Tuesday, the firm collectively bought $4.4 million worth of Bullish shares across the three ETFs. It acquired another $3 million of the stock on Wednesday.

Bullish's NYSE-listed shares closed down 2.73% at $35.96 on Thursday. The stock has fallen 8.9% over the past five trading days and is down 14.2% over the past month.

Mixed Q1 results

The recent purchases followed Bullish's mixed first-quarter results released last week.

While the company reported a wider quarterly net loss of $604.9 million, nearly doubling the loss recorded a year ago, its adjusted revenue rose to $92.8 million from $62.4 million in the same quarter last year.

Bullish also recently unveiled its $4.2 billion acquisition of Equiniti, a deal that CEO Tom Farley described as an opportunity to accelerate the company's growth.

"Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale," Farley said earlier this month.

Bullish went public in August 2025, pricing 30 million shares at $37 each. The firm remains the sixth-largest public corporate holder of bitcoin, with about 24,300 BTC, according to Bitcoin Treasuries data.