Ark Invest Buys $5M in Bullish Shares After Mixed Q1

Ark Invest purchased 139,117 shares of Bullish on Thursday across its ARK Innovation (ARKK), Next Generation Internet (ARKW) and Blockchain and Fintech Innovation (ARKF) ETFs. The stake was worth about $5 million based on the stock's closing price.

The trades were disclosed in Ark's daily trading report. The firm also bought roughly $4.4 million of Bullish shares on Monday and Tuesday across the same three ETFs.

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

Bullish released first-quarter results last week showing a net loss of $604.9 million, nearly double the loss reported a year earlier. Adjusted revenue rose to $92.8 million from $62.4 million in the same quarter a year ago.

The company announced a planned $4.2 billion acquisition of Equiniti. Tom Farley described the deal as a way to accelerate growth, adding, “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.”

Bullish went public in August 2025, pricing 30 million shares at $37 each. The company holds about 24,300 bitcoin, ranking it sixth among public corporate holders.

Ark's purchases increased its stake in Bullish as the company reported higher revenue, a larger loss and the announced acquisition.