Cathie Wood’s Ark Buys $4.4 Million of Bullish Stock After Five-Day Drop
Summary
- Ark Invest bought an additional 122,020 shares of Bullish stock worth about $4.4 million.
- The purchase came after Bullish shares fell for five straight trading sessions and then rebounded 1.88%%.
- Bullish reported a first-quarter net loss of $604.9 million and currently holds 24,300 Bitcoin.
Forecast Trend Report by Period
Ark Invest, the asset manager led by Cathie Wood, bought additional shares of US crypto exchange Bullish.
The firm purchased a total of 122,020 Bullish shares this week through three exchange-traded funds, including ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), The Block reported on May 19. Based on the closing price, the purchases were worth about $4.4 million.
The buying came after Bullish shares fell for five straight trading sessions. The stock rebounded about 1.88% to close at $36.23 on the day.
The recent slide in Bullish shares came after weak earnings. The company recently reported a first-quarter net loss of $604.9 million, nearly double from a year earlier.
Bullish currently holds about 24,300 Bitcoin, the sixth-largest holding among publicly traded companies globally.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
