Cathie Wood's Ark Invest Makes Big Bet On Bullish (BLSH) Worth $172M

In the market environment, whenever the right strategy changes, it can either make a portfolio or break a portfolio. One of the most-watched investors on Wall Street has already made a bold move: Ark Invest. This new step cuts across innovation, cryptocurrency, and portfolio strategic rebalancing, which signals opportunity and risk.

What is the News?

On 13 August 2025, Ark Invest, headed by Cathie Wood, bought a huge amount of shares of Bullish (BLSH) in three of its most popular exchange-traded funds (ETFs). The investment is made as Bullish makes a successful debut on the New York Stock Exchange (NYSE), after its IPO was launched only a few hours ago. The move is also a remarkable turnaround on the part of Ark's major sale of Coinbase stock in July 2025.

Source: X

Cathie Wood’s Ark Invest Buys Big into Bullish (BLSH)- Details

According to data from ArkkDaily on X, the company purchased a total of 2,532,693 shares of Bullish, a cryptocurrency exchange specialising in institutional clients. The buy was split across three ETFs:

ARKK – 1,714,522 shares

ARKW – 545,416 shares

ARKF – 272,755 shares

At BLSH's closing price of $68, the total purchase was valued at approximately $172.2 million.

Source: ARK Invest Daily X

Bullish IPO Performance

Bullish had one of the most notable IPO performances of the year. Listed under the ticker BLSH, its shares were priced at $37 in the IPO, opened at $90, soared to $118, and closed at $68 — still well above the offering price. The IPO raised about $1.1 billion and gave Bullish a market capitalisation of around $10.25 billion. Since its 2021 launch, Bullish has processed over $1.25 trillion in trading volume. In 2023, it acquired CoinDesk, one of the most influential crypto media outlets.

Cathie Wood’s Ark Invest Environment

The timing coincides with a pro-crypto policy environment in the United States under the Trump administration, which has eased regulatory pressure on digital asset firms. In the case, the acquisition also diversifies its crypto infrastructure exposure, where it will no longer focus on more established exchanges but on new entrants into the market.

Is This Bet Risky?

Although the purchase is a good indication of confidence, there is a definite amount of risk involved. Cathie Wood's company has a reputation for making big bets that do not always work out.

In July 2025, the company sold $47.9 million of Coinbase shares, perhaps taking profits on the stock. It had risen 37%, but was also cautious on overvalued positions.

The entry of BLSH can appear tempting, yet IPO pops are rather unpredictable, and initial gains can be followed by sharp corrections. The historical data on performance adds weight to the warning: a 2023 Morningstar report found that the funds managed by Ark lost a total of $7.1 billion over the past 10 years because of exposure to highly volatile innovation stocks.

There is a mixed view on such moves, as observed in academic studies. According to a study conducted by the National Bureau of Economic Research (2023), biotech and innovation-focused ETFs such as those offered by Ark tend to perform well in uncertain economic times.

Nevertheless, a 2024 Journal of Financial Economics study indicated that 60% of these funds fail to outperform the S&P 500 in five years, mostly because of volatility and concentrated bets.

Conclusion

Cathie Wood’s vision of capitalising on disruptive market trends, and this time in the crypto exchange space. Whether this $172.2 million bet becomes a winning trade or another entry in list of high-risk gambles will depend on how Bullish (BLSH) navigates the post-IPO environment and the evolving regulatory climate.