Ark Invest has bought $12.5 million U.S. of Bullish (NYSE: $BLSH) stock over the last four days, adding the shares across its exchange-traded funds (ETFs).
The investment firm led by Cathie Wood has loaded up on the stock of Bullish, a crypto exchange that caters to institutional clients, as the share price has fallen 7% in recent days.
BLSH stock has declined 17% in the past two weeks as the price of Bitcoin (CRYPTO: $BTC) and other cryptocurrencies have struggled.
Bitcoin has fallen from $82,000 U.S. and been trading right around $77,000 U.S. for the better part of two weeks as bond yields spike and investors move away from crypto.
Wood’s stated policy is to buy risk assets such as crypto and related firms when prices dip. The firm uses pullbacks in cryptocurrencies as entry points to build stakes.
Ark Invest operates several different ETFs, including one focused on the spot price of Bitcoin.
The company’s flagship fund, the Ark Innovation ETF (BATS: ARKK), is down 28% over the last five years and trading at $76.62 U.S.
