Ark Invest Scoops Up $12.5M in Bullish Stock Over 4 Days
Ark Invest purchased $5 million in Bullish (BLSH) stock on Thursday, bringing its four-day total to $12.5 million. Cathie Wood's firm has been buying during a 17% two-week decline in BLSH shares, a strategy it often uses during crypto downturns.
Quick Take
Ark Invest bought $5M in BLSH on Thursday, fourth day of purchases.
Total purchases since Monday: $12.5M worth of Bullish stock.
BLSH dropped 17% in two weeks amid Bitcoin's struggle at $80K.
Ark uses crypto equity dips as an entry point into the sector.
Market Impact Analysis
BullishArk Invest's consistent buying of Bullish stock during a dip could boost sentiment around the crypto exchange operator and signal institutional support, but direct crypto market impact is minimal.
Speculation Analysis
Cathie Wood's investment manager has purchased $12.5 million worth of shares in the crypto group, which is also CoinDesk's parent company, since Monday based on the stock's closing prices, according to emailed disclosures.
BLSH shares closed 0.2% lower at $35.96 on Thursday, having fallen more than 17% in the last two weeks, a period in which bitcoin BTC$77,059.98 struggled to break above the $80,000 resistance.
Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies.
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