Cathie Wooden’s ARK Make investments made a daring transfer as Bullish staged a spectacular public debut, snapping up $172 million in shares throughout three ETFs whereas the crypto trade surged 83.8% on day one. The shopping for spree adopted a unstable first session that noticed Bullish open at $90, spike to $118, and shut at $68, lifting its market worth above $10 billion.
ARK hundreds up throughout three ETFs
ARK Make investments purchased 2.53 million Bullish shares on Wednesday through the IPO’s first buying and selling day. ARK Innovation ETF took the most important slice with 1,714,522 shares, adopted by ARK Subsequent Era Web ETF with 545,416 and ARK Fintech Innovation ETF with 272,755. On the $68 shut, these purchases had been value about $172 million, exhibiting ARK’s conviction within the debut.
Curiosity from main establishments had constructed forward of the deal, with BlackRock and ARK signalling willingness to purchase as much as $200 million on the IPO value, in line with filings. After the shut, Bullish shares climbed one other 11.2% in after-hours buying and selling, extending the rally.
A blockbuster IPO
Bullish priced its IPO at $37 per share, above the revised $32–$33 vary, after upsizing the deal to 30 million shares to satisfy demand. Buying and selling started at $90, a 143% premium to the provide value, earlier than the inventory hit an intraday excessive of $118 and encountered volatility halts amid frenzied exercise.
The inventory nonetheless completed the session up 83.8% from the IPO value, consolidating a market capitalisation north of $10 billion by the shut. Reuters reported that buyers valued Bullish close to $13.2 billion on the open, reflecting intense urge for food for the itemizing. The IPO raised about $1.1 billion, setting Bullish up with recent capital after increasing the providing from an earlier plan of 20.3 million shares.
Bullish’s second shot lands
The Cayman Islands-based firm operates a cryptocurrency trade and owns CoinDesk, with operations spanning a number of jurisdictions, together with Hong Kong, Singapore, the UK, Germany, and Gibraltar.
This debut marked Bullish’s second try and go public after a 2021 SPAC plan fell aside as markets tightened with rising charges. The providing arrived throughout a recent wave of crypto listings in 2025, following high-profile strikes like Circle’s June debut and Gemini’s confidential submitting for a US itemizing on June 6. Market watchers famous that pro-crypto coverage momentum and up to date laws have supported capital markets entry for digital asset corporations.
Contained in the deal
Bullish’s IPO attracted heavy demand, with the order ebook reportedly greater than 20 instances oversubscribed, and the corporate boosting each value and dimension forward of the debut. Former NYSE president Tom Farley leads the corporate, which focuses on institutional shoppers with spot, margin, and derivatives buying and selling, although some merchandise stay unavailable to US customers.
The agency is listed on the NYSE below the ticker BLSH, including one other outstanding crypto operator to the general public markets. Filings and reviews recognized main shareholders, together with co-founder and Block.one CEO Brendan Blumer and board member Kokuei Yuan, alongside curiosity from giant asset managers within the IPO allocation. The session’s closing value and powerful after-hours efficiency capped a high-impact debut that aligned with rising institutional engagement in crypto market infrastructure.
Written By Fazal Ul Vahab C H
