Cathie Wood’s ARK Invest Buys $8.2 Million Stock After 18% Slide

ARK Invest has bought $8.2 million Bullish shares after the crypto exchange’s stock sank 18% over the past month.

A filing shows Cathie Wood’s firm added more than 160,000 shares across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).

The purchases lift ARK’s total Bullish holdings to more than $129 million across three funds.

The move highlights the investment manager’s strategy of buying the dip, reinforcing its long-term bet on Bullish despite the recent selloff. The exchange is set to release its first earnings report tomorrow, a test of whether it can regain investor confidence.

Here’s every move Cathie Wood and Ark Invest made in the stock market today 9/16 pic.twitter.com/7PZrr6Hfjs

— Ark Invest Tracker (@ArkkDaily) September 17, 2025

ARK Invest Buys The Dip After Partial Profit Taking

AKR Invest has backed Bullish ever since its public debut on the New York Stock Exchange (NYSE) in August. On its first trading day, Bullish was able to raise over $1.1 billion at a valuation of $5.4 billion. 

The company’s shares opened trading at $90, and soared to as high as $118 before ending the debut trading day around $68-$70. 

On the day, ARK Invest had bought 2.53 million shares that were valued at around $172 million.

The asset manager’s current holdings of 2.52 million shares across its three ETFs show it took some profits after Bullish’s launch. Now, the company is moving back in to buy stock at a discount.

ARK and ended trading yesterday at $51.36 after slumping more than 5% in the last week, according to Google Finance. 

Bullish share price (Source: Google Finance)

Bullish To Release First Quarterly Results Since Going Public

ARK Invest’s Bullish purchase comes ahead of the company’s first quarterly results tomorrow since the firm went public on Aug. 13.

In the March quarter, Bullish reported a 0.2% drop in revenue and a 270% decline in operating income, highlighting challenges ahead for the exchange.

Analysts now have mixed expectations: Jefferies and JPMorgan are cautious with “hold” and “neutral” ratings, while Cantor Fitzgerald sees potential upside and issued an “overweight” rating.

Bernstein analysts wrote in a note to clients earlier this month that Bullish could become the second-largest institutional crypto exchange behind Coinbase once its US business launches in 2026. But they cautioned the stock, already trading at a premium, will require early evidence of execution in the U.S. to justify that outlook.

In the note, the Bernstein analysts, led by Gautam Chhugani, backed their prediction by citing the company’s seasoned management team. 

While Coinbase remains a dominant player in the space, there are still opportunities for competitors to take the lead in areas such as stablecoins, market data, and indices, the analysts argued. 

The analysts added that Bullish’s ownership of crypto news outlet CoinDesk could also serve as a springboard into a subsequent retail exchange launch. 

However, they highlighted how Bullish is trading around 28 times its estimated 2027 EBITDA. The analysts cautioned that investors will want to see early evidence of execution in the US before buying.

Bullish Not ARK Invest’s Only Crypto Position

ARK Invest is broadly bullish on the crypto sector. It also recently bought BitMine Immersion Technologies, the leading Ethereum treasury firm globally with 2.15 million ETH valued at $9.37 billion at current prices on its balance sheet.

ARK Invest acquired $4.4 million worth of BitMine shares on Sept. 9, which increased its total holdings in the ETH treasury leader to 6.7 million shares worth around $284 million.

ARK Invest has also bought shares in Block Inc, which is a financial services firm backed by Jack Dorsey. 

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