• Ark Investment has been actively buying shares in crypto-focused companies this month amid the downtrend in digital asset prices.
• The firm has also acquired shares of stablecoin issuer Circle and BitMine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, in recent times.
• Bullish is scheduled to report its third-quarter earnings on Nov. 19.

Cathie Wood's Ark Investment Management acquired Bullish shares on Monday, the latest in a series of purchases in the cryptocurrency exchange.

According to the fund's daily trading report, ARK Innovation ETF (ARKK) purchased 191,195 Bullish shares, the ARK Next Generation Internet ETF (ARKW) bought 56,660 shares, and the ARK Fintech Innovation ETF (ARKF) acquired 29,208 shares of the Peter Thiel-backed firm.

Wood Bolsters Crypto Holdings Amid Slump

Ark Investment, renowned for its holdings of tech-focused growth stocks, has been actively buying shares in crypto-focused companies this month amid the downtrend in digital asset prices. Bitcoin plunged below $90,000 late on Monday, to hit its lowest since April, extending its declines over the past week as traders remained cautious on riskier assets amid uncertainties over the Federal Reserve's interest rate path.

On Monday, Bullish stock fell 4.5% to $36.75, implying that Ark might have spent about $10.2 million on the purchases. Last week, Ark added more than 75,000 Bullish shares after buying even more earlier this month. The firm has also acquired shares of stablecoin issuer Circle and BitMine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, in recent times.

What Are Stocktwits Users Thinking?

Retail sentiment on Stocktwits about Bullish moved 'extremely bullish' from 'bullish' a day ago, while chatter was 'high.'

“ARK buying up BLSH before earnings.  I think someone knows something,” one trader said.

Q3 Revenue To Rise, Eyes On Outlook

Bullish is scheduled to report third-quarter earnings on Nov. 19. According to Fiscal data, Wall Street analysts expect the firm's revenue to rise to $71.25 million, aided by robust trading volumes.

Last month, the company forecasted third-quarter earnings before interest, tax, depreciation, and amortization (EBITDA) of $25 million to $28 million, compared with $8.1 million in the previous quarter. It also launched spot trading in October.

However, traders will be keenly awaiting any commentary on November trading volumes, amid the slump in cryptocurrency prices. Bullish stock price remains slightly below its initial public offering price.

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