Key Takeaways
- On March 23, ARK Invest divested 39,362 shares of Bullish (BLSH) valued at approximately $1.56 million through its ARKK and ARKW ETFs
- Bullish stock gained 4.16% during the same trading session, ending near $39.55
- Three days prior on March 20, ARK had already offloaded 103,379 BLSH shares valued at approximately $3.93 million
- These recent sales follow ARK’s February 2026 accumulation of about 2.1 million BLSH shares totaling $58–$60 million across nine trading days
- Wall Street analysts maintain a Moderate Buy rating on BLSH with a mean price target of $47.83, suggesting potential upside of approximately 20.9%
On Monday, March 23, Cathie Wood’s ARK Invest trimmed its position in Bullish (BLSH) by selling 39,362 shares valued at approximately $1.56 million, coinciding with a 4.16% surge in the stock price.
The divestment occurred across two exchange-traded funds: the ARK Innovation ETF (ARKK) sold 31,154 shares, while the ARK Next Generation Internet ETF (ARKW) disposed of 8,208 shares. Bullish’s shares settled at $39.55 at the close of trading.
This transaction represents part of a broader selling pattern. On March 20, ARK executed a more substantial reduction, selling 103,379 BLSH shares worth approximately $3.93 million — a move that received less attention than Monday’s divestment.
Combined, these two transactions total 142,741 shares sold, representing approximately $5.5 million in value. This selling activity stands in contrast to ARK’s substantial position accumulated through months of strategic buying.
During February 2026, ARK embarked on an aggressive nine-day accumulation period in BLSH, acquiring roughly 2.1 million shares worth between $58 and $60 million. This buying activity followed a decline in the stock triggered by earnings results.
Financial Performance Analysis
Bullish delivered fourth-quarter 2025 adjusted revenue of $92.5 million alongside adjusted EBITDA of $44.5 million, representing year-over-year growth in both metrics. The company’s net loss expanded to $563.6 million, although adjusted net income showed improvement at $28.9 million.
Digital asset transaction volume reached $64.3 billion during the quarter, reflecting a modest decline. Management provided 2026 guidance projecting subscription, services, and other revenue between $220 million and $250 million.
For the full year, adjusted operating expenses are forecast to range from $210 million to $230 million.
Strategic Rationale Behind the Sales
The recent divestments appear tactical rather than signaling a fundamental shift in ARK Invest‘s thesis. Historically, ARK has accumulated BLSH shares during price weakness and reduced exposure during strength — Monday’s transaction aligns perfectly with this approach, occurring during a 4%+ rally.
ARK is simultaneously reallocating capital toward biotechnology investments. On the same day, the firm purchased 98,722 shares of 10X Genomics (TXG) for $1.89 million, as TXG also appreciated 4.08%.
Cryptocurrency-related stocks like BLSH experience significant volatility driven by Bitcoin price movements and regulatory developments, making them logical candidates for profit-taking following strong performance.
According to TipRanks, BLSH holds a Moderate Buy consensus rating supported by four Buy recommendations and two Hold ratings. Analysts’ average price target of $47.83 suggests potential upside of approximately 20.9% from current trading levels.
