Ark Invest buys $12.5M of Bullish stock over four days
In brief
- Ark Invest purchased $12.5M of Bullish stock across four consecutive trading days
- Bullish shares declined 17% as Bitcoin struggled near $80,000 resistance
- Ark capitalizes on crypto downturns to enter digital asset equities
Accumulation during downturn
Ark Invest bought $5 million worth of Bullish stock on Thursday, the fourth consecutive day of purchases. Bullish shares closed 0.2% lower at $35.96 on Thursday after having fallen more than 17% over the preceding two weeks.
The timing of Ark's accumulation reflects a pattern the firm has established in crypto markets. Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies.
Bullish's position
Bullish is the parent company of CoinDesk, the digital asset news and research platform. The four-day buying period aligns with the broader cryptocurrency market weakness that characterized the two-week window preceding Thursday's purchase.