Cathie Wood Extends Buying Streak Despite Market Downturn
ARK Invest, led by Cathie Wood, is once again betting big on crypto-related equities. The firm purchased $21.2 million worth of Bullish shares and $16.2 million worth of Robinhood stock on Tuesday, even as both companies’ share prices tumbled alongside the broader crypto sector.
According to the company’s daily trade disclosures, ARK Innovation ETF (ARKK) acquired 356,346 shares of Bullish and 150,908 shares of Robinhood. The move comes just days after ARK’s massive $172 million investment in Bullish, spread across three ETFs, following the crypto exchange’s debut on the New York Stock Exchange.
ARK has also been consistently adding Robinhood shares this week. On Monday, the firm bought $14 million worth, and on Friday, it scooped up $9 million worth, marking three consecutive sessions of accumulation.
These purchases contrast with ARK’s strategy last year, when it reduced its Robinhood exposure to comply with Rule 12d3-1, which limits ETF holdings in broker-linked securities.
Market Sell-Off Pressures Crypto Stocks
The latest buying spree coincides with a sharp pullback in crypto-exposed equities. On Tuesday, Bullish dropped 6.09% to $59.51, slipping another 3.24% after-hours. Robinhood fell 6.54% to $107.50, followed by an additional 1.23% decline in extended trading.
Other major crypto stocks were also hit:
- Coinbase slid 5.82%
- Galaxy Digital dropped 10.06%
- Strategy lost 7.43%
- Circle fell 4.49%
The downturn mirrored broader market weakness, with the Nasdaq Composite down 1.46% as investors grew cautious ahead of the Federal Reserve’s Jackson Hole symposium. Traders now await Fed Chair Jerome Powell’s remarks for signals on potential rate cuts.
Bullish’s Recent IPO Surge
The selling pressure comes after Bullish’s blockbuster IPO, which raised $1.1 billion through the sale of 30 million shares. The company priced its offering at $37 per share, but the stock opened at $90 and climbed as high as $118 during its debut session — more than 215% above the IPO price.
Despite recent volatility, the strong listing has cemented Bullish as one of the largest crypto exchange IPOs in 2025, drawing both institutional and retail investor attention.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.