Cathie Wood’s ARK Invest is intensifying its bet on the digital asset exchange Bullish (NYSE: BLSH), signaling strong conviction in the platform’s long-term role within the U.S. crypto trading landscape.
The investment firm, known for backing high-growth technology ventures, has added another $5 million in Bullish shares across its suite of innovation-focused ETFs, extending a buying spree that began before the exchange’s recent Wall Street debut.
ARK Invest Ramps Up Bullish Exposure
Trade filings from late October reveal that ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF) all increased their Bullish positions. The three funds collectively purchased over 100,000 shares, marking ARK’s third acquisition wave since the exchange’s listing on the New York Stock Exchange.
This latest round follows an earlier $8.27 million buy-in in mid-October and a massive $172 million allocation around Bullish’s $1.1 billion IPO. Market analysts view ARK’s continuous accumulation as a clear vote of confidence in both the company’s regulated approach and its potential to rival established exchanges such as Coinbase and Kraken.
From Startup to Wall Street Listing
Bullish’s listing on the NYSE represents a rare success story among crypto-native companies seeking to enter traditional markets. The exchange, originally launched by Block.one, is led by Tom Farley, a former president of the New York Stock Exchange. His appointment has been widely interpreted as a sign of the firm’s intent to build credibility with institutional traders wary of opaque offshore exchanges.
Since its inception in 2021, Bullish has processed more than $1.5 trillion in trading volume, placing it among the top 10 global exchanges by Bitcoin and Ethereum activity. Its platform architecture emphasizes transparency, security, and liquidity—three qualities that regulators and institutional investors have increasingly prioritized in the post-FTX era.
U.S. Launch Expands Market Reach
In October, Bullish officially entered the U.S. market after receiving both a BitLicense and a money transmission license from New York regulators. The company launched operations across 20 states, beginning with spot trading services for select institutional clients, including BitGo and Nonco.
To mark the milestone, the company hosted a high-profile event in New York City attended by executives, fund managers, and blockchain entrepreneurs. The mood, according to attendees, was one of optimism for the sector’s next phase of institutional adoption. “The energy in the room said it all—the future is Bullish,” the company wrote in a celebratory post on X.
What a night! Thank you to everyone who came out to celebrate the Bullish U.S. launch with us.
It was incredible to bring together so many leaders shaping the future of digital assets.
The energy in the room said it all – the future is Bullish! pic.twitter.com/XhIZRHRVhE
— Bullish (@Bullish) October 30, 2025
ARK’s Broader Crypto Strategy
ARK Invest’s increasing exposure to Bullish reflects a broader pattern in its portfolio positioning. Wood’s funds have long favored disruptive technologies, with digital assets now forming a central pillar of that thesis. Beyond Bitcoin ETFs, ARK has been diversifying into crypto infrastructure—trading platforms, custody providers, and tokenization startups—anticipating the convergence of blockchain and traditional finance.
Wood has repeatedly argued that regulated exchanges like Bullish will play a crucial role in bridging institutional capital to digital markets. “We’re witnessing the integration of crypto into the core of financial systems,” she said in a recent interview. “Companies like Bullish are essential to that transformation.”
