Bullish (BLSH) Stock: Cathie Wood Purchases Shares After Month-Long Pause

TLDR

• Cathie Wood’s ARK Invest bought $1.1 million worth of Bullish (BLSH) shares on January 28, 2026, marking a return to crypto stock purchases after pausing since mid-December 2025.
• Bullish is a Peter Thiel-backed crypto exchange for institutions that went public in August 2025 and is headquartered in the Cayman Islands.
• ARK purchased 33,022 BLSH shares across two funds: ARKK (31,543 shares) and ARKF (1,479 shares).
• BLSH stock closed at $34.33 on January 28, down 4.5%, and continued falling to $32.76 the next day.
• ARK’s total late-January crypto buying spree included $21.5 million across Coinbase, Circle Internet, and Bullish after Bitcoin dropped below $90,000.

Cathie Wood made her first crypto stock purchase in over a month. Her firm ARK Invest bought shares of Bullish on January 28, 2026.

Bullish, BLSH

The move ended a quiet stretch. ARK hadn’t touched crypto stocks since mid-December 2025.

Bullish operates a crypto trading exchange for institutional clients. PayPal co-founder Peter Thiel backs the platform.

The company went public in August 2025. It’s based in the Cayman Islands and targets professional traders.

ARK spent $1.1 million on 33,022 Bullish shares. The purchase split between two exchange-traded funds.

The ARK Innovation ETF grabbed 31,543 shares. The ARK Blockchain & Fintech Innovation ETF took 1,479 shares.

This wasn’t Wood’s only crypto play that week. ARK bought $21.5 million total across Coinbase, Circle Internet, and Bullish on January 23.

Price Action Tells a Different Story

The stock didn’t respond well to ARK’s interest. BLSH opened at $35.88 on January 28 and closed at $34.33.

That represented a 4.5% drop in one session. The decline continued the next day.

By January 29, shares traded at $32.76. Another 4% disappeared in 24 hours.

The purchases came as Bitcoin slipped below $90,000. The broader crypto market showed weakness across multiple assets.

Wood has built her reputation on digital asset investments. ARK Invest became the first public asset manager to buy Bitcoin exposure in 2015.

Critics questioned the move at the time. The firm pushed forward anyway.

ARK expanded its crypto holdings as the market grew. The portfolio included Circle Internet Group, Coinbase Global, Robinhood Markets, and Bitmine Immersion Technologies.

What’s Next for Bullish

The company faces its Q4 2025 earnings release on February 5. Investors will watch for revenue details and partnership updates.

Bullish recently announced work with Deutsche Bank. The exchange also launched crypto options trading and subscription services.

Fair value estimates for BLSH range wildly. Community projections span from $3,087 to over $30,000 per share.

The wide spread reflects uncertainty about the company’s path to profitability. Bullish currently trades at high multiples relative to sales.

ARK also trimmed positions elsewhere. The firm reduced holdings in Teradyne, Illumina, and Kratos Defense & Security Solutions.

It added shares of biotech companies including CRISPR Therapeutics, Beam Therapeutics, and Intellia Therapeutics on the same day.

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