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On Tuesday, Cathie Wood-led Ark Invest made several significant trades, with the most notable being the purchase of shares in Bullish (NYSE:BLSH).
Ark Invest’s primary trade of the day was in Bullish, a cryptocurrency exchange backed by billionaire investor and entrepreneur Peter Thiel. The firm purchased shares of Bullish through three of its funds – Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW). The total number of shares bought was 23,963, with the trade valued at approximately $1.09 million based on the closing price of $45.75.
In August, Bullish increased the size and price of its upcoming initial public offering, according to a SEC filing. The cryptocurrency exchange offered 30 million shares priced between $32 and $33 each, targeting a nearly $5 billion valuation.
Notably, on Monday, Ark purchased $11.9 million worth of Bullish stock. Rival Coinbase Global Inc. (NASDAQ:COIN) remains one of Ark's largest holdings, making up 5.96% of its flagship ARKK ETF. As of the time of writing, those holdings were valued at $489.9 million.
Benzinga's Edge Stock Rankings indicate Bullish stock ranks poorly on Short, Medium and Long Price Trends. Here is how it is stacked against cryptocurrency-exchange Coinbase.
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Photo Courtesy: viewimage on Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
