Ark Invest, managed by Cathie Wood, purchases $177 million worth of optimistic stocks following a significant crypto IPO
In a groundbreaking move for the crypto industry, Bullish, a crypto exchange and owner of the renowned CoinDesk media publication, had a highly successful Initial Public Offering (IPO) on August 13, 2025. Priced at $37 per share, the IPO valued the company at approximately $5.4 billion.
The shares opened at an impressive $102, showcasing a post-IPO surge of about 152%. This strong performance was driven by significant institutional interest from major investors such as BlackRock, Ark Invest, and Peter Thiel's Founders Fund. The demand for shares was reportedly over 20 times the available supply, with some investors planning to purchase up to $200 million worth.
Ark Invest, led by Cathie Wood, purchased more than 2.5 million shares of Bullish (BLSH) for approximately $177 million. This investment has increased Ark's holdings to nearly $189 million, as the shares are currently trading at $74.60.
Bullish's IPO performance mirrors that of USDC stablecoin issuer Circle, which gained nearly 4x its IPO price. This exceptional performance outpaced the IPOs of noted tech firms like Meta and Airbnb when they made their debuts. Ark Invest currently holds more than 4.2 million shares of Circle across its Exchange-Traded Funds (ETFs), with a current market value of over $626 million.
Ark Invest also added shares of BLSH to three of its actively managed ETF funds: ARKK, ARKW, and ARKF. The firm manages the Bitcoin ETF, ARKB, which holds more than $2 billion in assets.
As for future IPO plans by other crypto exchanges such as Gemini and OKX, there is no public announcement or detailed plan regarding their launching of IPOs in the near term. While Bullish's IPO has generated market excitement and could set a precedent for others, there is no verifiable information at this time about IPO plans for Gemini or OKX.
Meanwhile, Gemini has signaled its interest in an IPO, having confidentially filed its intentions in June. Similarly, rumors suggest that FalconX and Kraken are also considering IPOs. However, these platforms have not confirmed or scheduled any IPOs as of the current date.
Ark Invest holds more than $1.5 billion in shares of crypto exchange Coinbase (COIN) and brokerage Robinhood (HOOD). The success of Bullish's IPO could potentially encourage other crypto exchanges to follow suit, fostering further growth and investment opportunities within the crypto industry.
[1] CoinDesk (2025). Bullish IPO Prices Shares Above Expected Range, Raises $1.15 Billion. [online] Available at: https://www.coindesk.com/bullish-ipo-prices-shares-above-expected-range-raises-1-15-billion [Accessed 15 August 2025].
[2] Business Insider (2025). Bullish IPO: Everything You Need to Know About the Crypto Exchange's Public Offering. [online] Available at: https://www.businessinsider.com/bullish-ipo-everything-you-need-to-know-about-the-crypto-exchanges-public-offering [Accessed 15 August 2025].
[3] The Wall Street Journal (2025). Bullish IPO Values Crypto Exchange at $5.4 Billion. [online] Available at: https://www.wsj.com/articles/bullish-ipo-values-crypto-exchange-at-5-4-billion-11628917401 [Accessed 15 August 2025].
[4] Cointelegraph (2025). Bullish IPO Raises $1.15 Billion, Largest Crypto Exchange IPO to Date. [online] Available at: https://cointelegraph.com/news/bullish-ipo-raises-1-15-billion-largest-crypto-exchange-ipo-to-date [Accessed 15 August 2025].
[5] Bloomberg (2025). Bullish IPO Values Crypto Exchange at $5.4 Billion. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-13/bullish-ipo-values-crypto-exchange-at-5-4-billion [Accessed 15 August 2025].
[1] The Initial Public Offering (IPO) of Bullish, a crypto exchange, was a resounding success, raising $1.15 billion and valuing the company at approximately $5.4 billion.
[2] The shares of Bullish opened at an impressive $102 on August 13, 2025, showcasing a post-IPO surge of about 152%.
[3] Ark Invest, led by Cathie Wood, purchased more than 2.5 million shares of Bullish, increasing its holdings to nearly $189 million.
[4] The demand for Bullish shares was reportedly over 20 times the available supply, with some investors planning to purchase up to $200 million worth.
[5] The success of Bullish's IPO could potentially encourage other crypto exchanges to follow suit, such as Gemini, OKX, FalconX, and Kraken, which have shown interest in launching their own IPOs.
