Cathie Wood’s Ark Invest has been increasing its stake in Bullish (BLSH) since the crypto exchange’s IPO, with about 2.53 million shares worth $172 million acquired on debut across ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Wood recently bought over 160,000 shares worth $8.3 million ahead of Bullish’s first earnings report post-IPO. The total stake now exceeds $129 million.

Founded in 2020, Bullish operates in the cryptocurrency and digital assets space, with a market cap of about $7.9 billion. Since its IPO on Aug. 13, 2025, BLSH stock has seen significant fluctuations, opening at $90, reaching highs near $118, and closing the first day at around $68. The stock has experienced volatility, prompting Ark to buy the dip.

Bullish’s stock surged 5.8% yesterday and 20.7% today after reporting strong Q2 results, bullish Q3 guidance, and winning a New York “BitLicense” for spot-trading and custody services. The stock’s forward earnings valuation stands at 317.74 times. Bullish released its Q2 earnings, with digital asset sales rising to $58.6 billion, a net profit of $108.3 million, and adjusted revenue slightly down YoY.

Trading activity increased for Bullish, with total trading volume rising to $179.6 billion from $133 billion. The company provided guidance for Q3 2025, expecting adjusted revenue in the range of $69 million to $76 million and adjusted EBITDA between $25 million and $28 million. Analysts anticipate EPS to decline 100% YoY in fiscal 2025 before improving by 312.5% in fiscal 2026.

Citigroup initiated coverage on Bullish with a “Buy” rating and a $66 price target, while Deutsche Bank gave a “Hold” rating and a $51 price target. BLSH stock has a consensus “Moderate Buy” rating, surpassing the average analyst price target of $56. The Street-high target price of $68 suggests further growth potential.

Read more at Yahoo Finance: Cathie Wood Just Keeps Buying Up This 1 New IPO Stock