Cathie Wood’s ARK Invest expanded its crypto bets again this week, increasing its stake in exchange Bullish by more than 105,000 shares, worth about $5.3 million.

The purchase, spread across ARK's three actively-managed ETFs — ARKK, ARKW and ARKF — brings ARK’s total position in Bullish, CoinDesk’s parent company, to roughly 2.27 million shares, valued at $114 million at the closing price on Friday of $50.57 per share.

The investment deepens ARK’s push into digital asset infrastructure, an area the firm has been allocating to over time, including when Bullish went public via a $1.1 billion IPO earlier this year.

That initial offering included ARK as a day-one investor with $172 million in backing. Bullish now makes up 0.94% of ARKK, 0.95% of ARKW, and 1.15% of ARKF. But it’s part of a much larger crypto-linked footprint.

Across the three ETFs, ARK’s combined exposure to blockchain and crypto-related companies, including Coinbase, Robinhood, Circle, and miner BitMine, plus crypto ETFs now totals over $2.15 billion. To make room, ARK has trimmed holdings in traditional tech names like Palantir and Shopify.

ARKF leads with 29% of its portfolio allocated to crypto-related assets, followed closely by ARKW at 25.7% and ARKK at 17.7%, based on the company’s filings.

That exposure comes through major stakes in Coinbase (over $675 million across all three funds), Robinhood, and stablecoin issuer Circle, as well as products tied to staking of ether and solana through ETFs like ETHQ/U and SOLQ/U.