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On Monday, Cathie Wood-led Ark Invest executed significant trades involving Bullish (NYSE:BLSH), Reddit Inc. (NYSE:RDDT), and Pinterest Inc. (NYSE:PINS).
Ark Invest made a substantial purchase of Bullish shares across multiple ETFs. The firm acquired 29,208 shares through the Ark Fintech Innovation ETF (BATS:ARKF), 191,195 shares via the ARK Innovation ETF (BATS:ARKK), and 56,660 shares through the ARK Next Generation Internet ETF (BATS:ARKW). The total value of these purchases amounted to approximately $10.02 million, calculated at the closing price of $36.75.
This move aligns with Ark’s ongoing interest in cryptocurrency exchanges, especially those backed by influential figures like Peter Thiel. Bullish has been a focal point for Ark, with previous investments highlighting its potential in the crypto sector.
Notably, Ark’s investment in Bullish, a rival to Coinbase, came as Bitcoin (CRYPTO: BTC) slid toward $91,000 and Ethereum (CRYPTO: ETH) dipped below $3,000 on Monday, as the broader crypto downtrend intensified. Analysts flagged key support zones at ~$90,000 for BTC and ~$2,800 for ETH, warning of possible retests if selling pressure persists. Despite sharp losses, some traders noted that the market structure for both coins remains intact for now.
Bullish is set to report earnings for the third quarter on Wednesday and will host an earnings conference at 8:30 a.m. ET on the same day.
Ark Invest reduced its stake in Reddit by selling 5,632 shares from ARKF and 10,908 shares from ARKW. The total sale value was approximately $3.1 million, based on the closing price of $187.55.
This decision comes amid a broader tech sector downturn, with Ark adjusting its portfolio to navigate the current market volatility. Notably, Ark Invest sold $7.5 million worth of Reddit shares.
Ark Invest also trimmed its position in Pinterest, selling 24,220 shares from the ARKK. The transaction was valued at approximately $618,094, based on the closing price of $25.52.
Pinterest has been experiencing a decline in momentum recently, according to a Benzinga report. The company’s third-quarter revenue hit $1.05 billion, in line with estimates, while adjusted EPS of 38 cents missed expectations. Monthly active users climbed 12% to a record 600 million, helping revenue grow 17% year over year. The company highlighted strong cash flow and said its AI-driven shopping and visual search tools are boosting advertiser demand. Pinterest guided fourth-quarter revenue to $1.31billion–$1.34 billion, slightly below consensus.
Benzinga's Edge Stock Rankings indicate Bullish falters on Short, Medium and Long Price Trends. Here is how the stock compares with other crypto platforms like Coinbase.
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Photo Courtesy: PJ McDonnell on Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
