Cathie Wood’s ARK Invest Continues To Load Up On Peter Thiel-Backed Bullish Even After Stock Hits Record Low
Synopsis
Shares of Bullish rose in after-hours trading on Tuesday after ARK Invest disclosed its purchase.
- BLSH stock gained as much as 2.30% overnight after closing down 2.41% in regular trading, where it touched a record intraday low of $34.21.
- ARK Invest bought approximately 87,500 shares of Bullish, according to disclosures reported by TheFly.
- Shares of Bullish have been in a downward trend for six consecutive sessions as of Tuesday’s close.
Shares of Bullish (BLSH) rose in overnight trading on Tuesday after Cathie Wood’s ARK Investment bought up more than 85,000 shares of the Peter Thiel-backed crypto exchange, following the hitting a record low in regular trading.
BLSH’s stock rose as much as 2.30% in after-hours trading after closing down 2.41% in the regular session, where the stock touched an intraday record low of $34.21. The shares have been in a downward trend for six consecutive sessions as of Tuesday’s close.
On Stocktwits, retail sentiment around BLSH’s shares rose to ‘bullish’ from ‘neutral’ territory over the past day, with chatter sustained at ‘high ‘levels.
Cathie Woods Picks Up Bullish Shares At A Discount
The after-hours rebound came after ARK Invest disclosed a purchase of 87,500 shares for its portfolio, as per TheFly. The firm added 80,124 shares to its flagship Ark Innovation ETF (ARKK) and another 5,648 to the Ark Fintech Innovation ETF (ARKF).
The recent buy by Cathie Wood builds on Ark Invest’s Monday purchase of nearly 28,000 shares of Bullish. The firm also picked up around 81,500 shares of the company last Friday, as per the Ark Invest Tracker on X.
While sentiment around BLSH’s stock improved, retail sentiment around ARKK fell to ‘bearish’ from the ‘neutral’ zone over the past day, and retail sentiment around ARKF remained in ‘bearish’ territory.
The moves come ahead of Washington gearing up to vote on the crypto market structure bill on Thursday morning, which could serve as a near-term catalyst for the crypto market, currently stagnant at $3.1 trillion. Bitcoin (BTC) remained under $90,000 on Tuesday night after dipping as low as $86,000 over the weekend. Retail sentiment on Stocktwits around BTC trended in ‘bearish’ territory over the past day.
Read also: IPW, BLSH, FWD Stocks Jump After Hours While MSTR, BMNR Lag With Bitcoin Below $90,000
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