Cathie Wood’s ARK Invest increases Bullish bet to $129 million

Source Cryptopolitan

ARK Invest led by Cathie Wood isn’t letting go of its crypto conviction. Fresh filings reveal that the fund scooped another $8.2 million worth of shares in crypto exchange Bullish this week. This move lifted its total position to around $129 million.

The accumulation comes in when the digital asset market awaits the US Fed FOMC meeting. The cumulative crypto market cap surged marginally on Wednesday to breach the $4 trillion mark. Bitcoin price regained the $117K mark, highlighting the investors’ sentiment.

ARK Invest loads up on Bullish

Tuesday’s trade disclosures from ARK Invest show that its flagship Innovation ETF (ARKK) scooped up 120,609 shares of Bullish. However, the Next Generation Internet ETF (ARKW) added 40,574. Combined, the pair bought just over 161,000 shares.

The latest purchase has cemented Bullish as one of ARK’s favorite new holdings. The firm first bought into the exchange last month when it went public on the NYSE. It snapped up 2.53 million shares (then worth $172 million) across multiple ETFs. Bullish share price has seen a dump of almost 19% over the past month. It closed trading at $51.36 in the last trading session.

Wood’s strategy displays a broader theme in ARK’s playbook. That is, double down on disruptive platforms early, whether it’s Tesla, Coinbase, or now Bullish. This is certainly very clear as ARKK, ARKW, and the Fintech Innovation ETF (ARKF) are now collectively holding nine figures’ worth of the exchange.

The latest filings also show that ARK is spreading its bets across biotech and semiconductors. It picked up $7.1 million worth of Intellia Therapeutics, alongside $4.1 million in CRISPR Therapeutics and $1.1 million in Arcturus. Later, ARK added nearly $4.2 million of AMD and $3.2 million of Airbnb.

ARK, Fidelity join ETFs inflow wave

The increased exposure to Bullish aligns with fresh bullish momentum seen in crypto-linked equities trade. Bitcoin ETFs have been riding a wave of inflows, and now it has marked seven straight days of gains. On September 16 alone, spot Bitcoin funds pulled in $292 million.

BlackRock’s IBIT dominated the day with $209 million of inflows. IBIT has now attracted $60.25 billion since launch. It sits on $89 billion in net assets, equivalent to nearly 4% of bitcoin’s market cap. Fidelity’s FBTC added $45.7 million, while ARK’s own ARKB saw $40.6 million.

Bitcoin price has surged by more than 4% in the last 7 days. BTC is trading at an average price of $116,847 at the press time. After hitting a fresh all-time high recently, Bitcoin holders are now looking for some positive news from the regulators, so that they push for another record-breaking rally.

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