Bullish Experiences 83% Surge on First Day of Exchange Listing, Ark Invest Invests $172 Million

Peter Thiel-Backed Cryptocurrency Exchange Bullish Debuts on NYSE

Cryptocurrency exchange Bullish, supported by renowned venture capitalist Peter Thiel, went public on the New York Stock Exchange on Wednesday, with an IPO price of $37. The stock surged 83.78% on its first day, closing at $68. Data shows that ARK Invest, led by Cathie Wood, purchased $172 million worth of Bullish shares through three of its funds.

ARK Invest’s Purchase Details

According to the company’s latest disclosed trading documents, ARK Invest bought 2.53 million shares of Bullish (stock code: BLSH) on Wednesday. The “ARK Innovation ETF” (ARKK) acquired approximately 1.7 million shares; the “ARK Next Generation Internet ETF” (ARKW) purchased 545,416 shares; and the “ARK Fintech Innovation ETF” (ARKF) acquired 272,755 shares.

IPO Details and Future Plans

Operating the exchange and owning cryptocurrency media outlet CoinDesk, Bullish raised $1.1 billion through the IPO, selling 30 million shares at $37 each on Tuesday, which was higher than the initially projected range of $32 to $33 per share. Bullish stated that the funds raised will be used for general corporate and operational capital needs, as well as to support potential future acquisition plans.

Key Investors

In addition to Peter Thiel, Bullish’s major investors include its co-founder and CEO of Block.one (the developer of the EOS blockchain), Brendan Blumer, and board member Kokuei Yuan.