Ark Invest bought $4.4 million in Bullish shares after the crypto exchange operator’s stock dropped 15%.
Ark Invest purchased a combined $4.4 million worth of Bullish shares across three of its exchange-traded funds (ETFs) on May 18 and May 19, as the crypto exchange operator's stock recovered modestly following a five-day decline.
According to Ark's daily trading disclosures, the firm acquired 52,308 shares on Monday and 69,712 shares on Tuesday, spreading the purchases across its ARKK, ARKW, and ARKF funds. The combined value was calculated based on Bullish's closing prices on each respective day.
Bullish shares had dropped 15.4% over the five trading days leading up to Tuesday, then rebounded 1.88% to close at $36.23 on May 19. The stock remains down 16.7% over the past month.
Ark maintains a rebalancing policy that prevents any single holding from exceeding 10% of a fund's portfolio. The firm adjusts positions when asset valuations shift significantly, which can trigger both buys and sells depending on weighting thresholds.
The purchases followed Bullish's disclosure of first-quarter results last week. The company reported a net loss of $604.9 million for the quarter, nearly double its year-earlier loss, while adjusted revenue grew to $92.8 million from $62.4 million in the same period in 2025.
CEO Tom Farley identified the company's $4.2 billion acquisition of Equiniti as a potential growth driver. The deal is structured to combine Bullish's tokenization stack with a regulated transfer agent, creating what the company describes as a blockchain-enabled issuer services provider.
Bullish went public on the NYSE in August 2025, pricing 30 million shares at $37 each. The firm holds approximately 24,300 BTC, making it the sixth-largest public corporate holder of Bitcoin, according to BitcoinTreasuries data
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