Ark Invest buys Bullish stock for 9th straight day in $11.6 million purchase

Ark Invest bought $11.6 million worth of shares in cryptocurrency exchange Bullish (BLSH) on Wednesday, the ninth consecutive day the investment manager has added to its BLSH holdings.

The St. Petersburg, Florida-based company bought 364,134 shares in Bullish, which is also the parent company of CoinDesk, across three of its exchange-traded funds (ETFs).

BLSH closed at $31.88 on Wednesday, 0.53% lower on the day. The New York Stock Exchange-listed shares had previously recovered from a low of around $24.15 on Feb. 5 amid bitcoin's BTC$67,942.25 fall below $63,000., They remain 15.82% lower year-to-date.

Ark has bought around 2.1 million BLSH shares in the last nine trading days, according to emailed disclosures from the firm, worth about $58.75 million based on the closing prices of the stock each day.

In addition to Bullish, the Cathie Wood-led company bought $33.8 million of crypto-friendly investment platform Robinhood (HOOD) shares and $4.37 million worth of stock in stablecoin developer Circle Internet (CRCL) on Wednesday. These equities dropped by 8.8% and 3.16% respectively.

With the cryptocurrency suffering an extended downturn, crypto-adjacent companies' shares are also at a low ebb, which Ark views as a buying opportunity.