ARK Invest Buys $172M of Bullish IPO Shares as Stock Soars
ARK Invest’s ETFs bought a combined 2.53 million shares of Bullish stock on its IPO debut, spending about $172 million at the $68 closing price. The Bullish IPO, priced at $37, jumped 83.8% on its first day, reaching an intraday high of $118 and pushing the company’s market capitalization above $10 billion. In after-hours trading, shares gained another 11.2%.
The Cayman Islands–based crypto exchange operator and CoinDesk owner raised $1.1 billion by issuing 30 million shares, marking its second public listing after a failed SPAC attempt in 2021. Bullish operates across Hong Kong, Singapore and the UK.
This Bullish IPO follows a wave of high-profile crypto equity listings in 2024, including USDC issuer Circle’s $1.1 billion offering with a 167% first-day gain, and Gemini’s confidential US filing. Traders should note the strong institutional demand for crypto ETFs and the Bullish IPO’s bullish momentum in the crypto equities sector.
Bullish
The strong first-day performance of the Bullish IPO, driven by ARK Invest’s $172 million ETF purchases and a sharp share price rise, signals robust institutional confidence in crypto exchange equities. In the short term, this bullish momentum may boost related crypto stock valuations and encourage further ETF investment. Over the long term, successful high-profile listings like Bullish’s can enhance market liquidity, attract new capital into the crypto sector, and validate the growth potential of crypto exchange operators, supporting sustained bullish trends in the crypto equities market.