Ark Invest buys $172 million in Bullish, stock soars 83% on NYSE debut
- Ark Invest bought a total of 2.53 million shares of Bullish across three of its ETFs, worth about $172 million at Wednesday’s closing price.
- Bullish’s stock ended its first trading day up 83% at $68.
Cathie Wood's Ark Invest purchased $172 million worth of Bullish shares across three of its exchange-traded funds as the crypto exchange made its debut on the New York Stock Exchange on Wednesday.
The ARK Innovation ETF (ARKK) bought 1.7 million shares of Bullish on Wednesday, while the ARK Next Generation Internet ETF (ARKW) acquired 545,416 shares, according to the company's latest trading disclosure. The ARK Fintech Innovation ETF (ARKF) also purchased 272,755 Bullish shares.
Bullish's stock surged 83.8% to close at $68 on its debut day after raising $1.1 billion in an initial public offering, according to Yahoo Finance data. The stock climbed a further 11.2% in after-hours trading.
Bullish, backed by billionaire tech investor Peter Thiel, priced its IPO at $37 per share, surpassing projected ranges of $32-$33 this week and $28-$31 last week, according to CNBC .
The crypto exchange said that it plans to allocate the proceeds from the offering to general corporate and working capital needs, as well as to support potential future acquisitions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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