Cathy Wood-backed Ark Invest has increased its stake in Peter Thiel-backed crypto exchange Bullish by $11.98 million, adding to the already existing $172 million position. As of November 3, Bullish accounts for 1.18% of Ark Invest’s ARKF’s portfolio, 0.98% of ARKW, and 0.97% of its flagship ETF ARKK’s holdings. Ark Invest acquired a total of 238,3346 shares, with ARK Innovation ETF (ARKK) getting the lion’s share of 164,214 shares. ARK Next Generation Internet ETF (ARKW) followed with 49,056 shares, and the ARK Fintech Innovation ETF added 25,076 shares. Together, ARK Invest’s total investment in Bullish since its August debut on the New York Stock Exchange exceeds $209 million. However, data shows that Bullish (BLSH) has been on a constant decline YTD. Bullish has dropped by 47.48%, both YTD and over the past six months, and 22% in the past month. It has also lost 10.74% over the past five days and 0.61% (-0.31%) over the past 24 hours. The stock’s pre-market plunge saw Bullish drop to $49.05, representing a 2.47 drop (-1.23). ARK Invest’s faith remains Bullish $82M+ in first 5 days – a #Bullish start for our new Options product. Thank you to our day-one trading partners, including: @FalconXGlobal , @wintermute_t , BlockTech and more! Eligible customers will be able to leverage their entire portfolio as collateral across spot, futures,… pic.twitter.com/iFwQjV2Mwl — Bullish (@Bullish) November 3, 2025 ARK Invest has chosen to hold on to its faith in Bullish despite the exchange’s dismal performance this year. Data indicate that the exchange has been in a constant decline since its launch, with a decline of roughly 47%. However, a recent boost from institutional traders has seen the exchange’s new crypto options platform attract a five-day trading volume of nearly $82 million. Institutional partners, including Block Tech, FalconX Global, and Wintermute, participated in the launch. The company began operations with Nonco and BitGo after launching in 2021 and has processed more than $1.5 trillion in trading volume. The Bullish team stated that the exchange’s new options product aims to address the pain points in crypto options trading that exist today. The exchange received authorization for spot trading in the U.S. at the beginning of October, following the issuance of its BitLicense and Money Transmission License by the New York State Department of Financial Services in September. Meanwhile, ARK Invest’s latest purchase of Bullish shares reportedly aligns with its long-standing strategy of investing in disruptive innovation. The investment firm currently manages assets exceeding $16 billion, with a focus on AI, blockchain technology, robotics, and genomics. Tyrer claims Bullish was created for institutions Chris Tyrer, the president of Bullish, previously stated that the exchange was designed for institutional clients, and the U.S. launch introduces a platform that combines institutional-grade liquidity and cost efficiency. He added that while advanced individual traders were welcomed to the platform, the focus is on U.S. institutions. Tyrer believes that U.S. institutions deserve deeper liquidity, better execution, and a platform uniquely designed to meet their specific demands and strategies. The Partner and Head of North America at Nonco, Jeffrey Howard, also echoed Tyrer’s sentiment, claiming that Bullish is redefining what institutional investors should expect from a licensed U.S. exchange serving Americans. Howard also pointed out that Bullish’s focus on compliance, liquidity, and the quality of execution aligns with Nonco’s mission to deliver to its clients. He added that Bullish’s U.S. launch across 20 states as an OTC liquidity provider, focusing on market structure, is a meaningful step toward institutional adoption. BitGo’s co-founder and CEO Mike Belshe also observed that the exchange’s NYDFS approvals mark a crucial milestone for U.S.-compliant crypto innovation. He claimed that his company is entirely behind Bullish’s expansion and commitment to regulatory compliance. Belshe believes that the milestone highlights the importance of establishing a transparent and secure cryptocurrency ecosystem for institutions. Meanwhile, the Bullish team claimed that the company’s platform combines deterministic AMM (automated market maker) and a CLOB (central limit order book) to provide efficient trade execution and deep, stable liquidity, even during volatile market conditions. Key features available to U.S. institutional investors include 0% maker fees and low taker fees. Get $50 free to trade crypto when you sign up to Bybit now
