Cathie Wood Goes All-In On Peter Thiel's Crypto Play Bullish With Back-To-Back Million-Dollar Buys

On Tuesday, Cathie Wood-led Ark Invest made several significant trades, with the most notable being the purchase of shares in Bullish (NYSE:BLSH).

The Bullish Trade

Ark Invest’s primary trade of the day was in Bullish, a cryptocurrency exchange backed by billionaire investor and entrepreneur Peter Thiel. The firm purchased shares of Bullish through three of its funds – Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK), and ARK Next Generation Internet ETF (BATS:ARKW). The total number of shares bought was 23,963, with the trade valued at approximately $1.09 million based on the closing price of $45.75.

In August, Bullish increased the size and price of its upcoming initial public offering, according to a SEC filing. The cryptocurrency exchange offered 30 million shares priced between $32 and $33 each, targeting a nearly $5 billion valuation.

Notably, on Monday, Ark purchased $11.9 million worth of Bullish stock. Rival Coinbase Global Inc. (NASDAQ:COIN) remains one of Ark's largest holdings, making up 5.96% of its flagship ARKK ETF. As of the time of writing, those holdings were valued at $489.9 million.

Other Key Trades:

Ark Invest sold 20,485 shares of SoFi Technologies Inc, reducing its holdings in the ARKF ETF.
The firm also bought 21,865 shares of CRISPR Therapeutics AG (NASDAQ:CRSP) for the ARKG ETF and 140,462 shares for ARKK.
Ark Invest sold 16,952 shares of Ionis Pharmaceuticals Inc (NASDAQ:IONS) from the ARKG ETF.
The company bought 50,163 shares of Beam Therapeutics Inc (NASDAQ:BEAM) for the ARKG ETF and 240,838 shares for ARKK.
Ark Invest sold 25,846 shares of Adaptive Biotechnologies Corp (NASDAQ:ADPT) from the ARKG ETF.

Benzinga's Edge Stock Rankings indicate Bullish stock ranks poorly on Short, Medium and Long Price Trends. Here is how it is stacked against cryptocurrency-exchange Coinbase.