Cathie Wood's Ark Invest scooped up roughly $4.4 million worth of Bullish (NYSE: BLSH) shares across Monday and Tuesday, using three ETFs — ARKK (innovation), ARKW (next-gen internet), and ARKF (blockchain & fintech). The purchase breaks down to 52,308 shares on Monday and 69,712 on Tuesday, based on closing prices. The simultaneous deployment across three funds is an unusual move, and the timing targets BLSH near its recent lows: the stock had tumbled 15.4% over the previous five sessions, with a meager 1.88% bounce on Tuesday to $36.23. On a monthly basis, BLSH is still down 16.7%.
Q1 Results: Net Loss Doubles, Operating Engine Picks Up
Bullish reported a Q1 net loss of $604.9 million, nearly double the year-ago figure. But strip out the accounting noise: adjusted revenue surged 49% year-over-year to $92.8 million, adjusted EBITDA more than doubled from $13.2 million to $35.1 million, and adjusted net income improved from $2.1 million to $20.3 million. The widening loss masks accelerating operational metrics — likely the conviction behind Wood's bargain-hunting.
Acquisition of Equiniti: Tokenization Meets Regulated Transfer Agency
CEO Tom Farley, former NYSE president, unveiled a new narrative: Bullish is acquiring UK transfer agent Equiniti for $4.2 billion. The deal aims to fuse Bullish's tokenization tech stack with Equiniti's regulated agency services, creating a one-stop blockchain-powered issuance platform. Wood's increased exposure suggests confidence in this strategic pivot.
BTC Whale: 24,300 Bitcoins Worth Over $2.5 Billion
Bullish went public in August 2025 at $37 per share. At $36.23, the stock has effectively given back all its post-IPO gains. Yet the company holds about 24,300 BTC as of the latest Bitcoin Treasuries data, making it the sixth-largest public corporate holder globally, behind Strategy, 21 Capital, Metaplanet, and MARA Holdings. At current prices, that Bitcoin stash is worth over $2.5 billion — dwarfing Bullish's entire quarterly revenue. Wood may be betting on the crypto treasury as much as on the traditional finance business.