Bullish IPO Frenzy: ARK Invest Buys 2.53M Shares as Stock Soars Past $118 - Crypto Economy

TL;DR

• Massive IPO Debut: ARK Invest snapped up 2.53 million Bullish shares worth roughly $172 million across three ETFs as the crypto exchange’s NYSE debut skyrocketed from its $37 offer to an intraday peak near $118 before closing at $68, locking in a market cap above $10 billion.
• Strategic Positioning: Bullish’s blend of regulated exchange operations, deep liquidity focus, and CoinDesk ownership offers a rare market-media hybrid, with IPO proceeds earmarked for general purposes and acquisitions to strengthen capabilities during rising volume cycles.
• Market Watchpoints: Traders eye post-debut momentum versus typical IPO pullbacks, tracking ETF-driven demand, lock-up expirations, and volatility in the $90–$118 zone, as BLSH emerges as a liquid public proxy for crypto exchange economics in a revaluing sector.

Cathie Wood’s ARK Invest charged into Bullish’s New York Stock Exchange debut, purchasing 2,532,693 shares across three ETFs as the crypto exchange’s stock ripped past $118 intraday. At the $68 close, the haul was worth roughly $172 million, underscoring ARK’s conviction as Bullish’s IPO priced at $37 and exploded out of the gate. The shares trade under the ticker BLSH after raising fresh capital for global expansion.

ARK’s $172 million bet and ETF breakdown

ARK Innovation (ARKK) purchased 1,714,522 shares, Next Generation Internet (ARKW) acquired 545,416, and Fintech Innovation (ARKF) obtained 272,755, making Bullish one of ARK’s most aggressive new positions this year. The trade notices landed within hours of the listing, signaling a high-velocity allocation into crypto market infrastructure rather than tokens themselves.

Debut day fireworks and market cap milestone


Bullish opened at $90, surged to an intraday high near $118, and finished at $68, up 83.8% from its $37 offer, before climbing another 11.2% after hours. The deal raised about $1.1 billion via 30 million shares and vaulted Bullish’s fully diluted valuation into the ten-figure club, with a post-close market capitalization north of $10 billion. The blistering debut came amid resurgent risk appetite across digital assets and equities.

What sets Bullish apart

Beyond the price action, Bullish operates as a regulated crypto exchange focused on deep liquidity and institutional flows, and it owns CoinDesk after a 2023 acquisition, an unusual blend of market venue and media asset under one corporate umbrella. Management has flagged general corporate purposes and potential acquisitions for IPO proceeds, positioning the company to consolidate capabilities while volumes cycle higher.

What’s next for BLSH and crypto equities

Traders will watch whether day-one euphoria gives way to typical IPO digestion or if momentum funds keep pressing the trade. Key markers include order book depth versus lock-up dynamics, realized volatility near the $90–$118 range, and persistence of ETF-driven demand. With ARK planting a sizable flag, BLSH now serves as a fresh, liquid proxy for crypto exchange economics, complementing, not replacing, incumbents, as public markets re-rate the sector’s cash flow power.