Cathie Wood’s Wild Ride! 🎢

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It appears the estimable, though perhaps occasionally optimistic, Cathie Wood of ARK Invest has decided that the current downturn in the crypto-linked share market is a splendid opportunity for a bit of strategic acquiring. One might even say she’s ‘doubling down’ with the enthusiasm of a fellow who’s just spotted a particularly promising plate of biscuits. 🍪

The latest trade notifications, which arrived on Tuesday with the punctuality of a well-trained butler, reveal that ARK’s flagship ARK Innovation ETF (ARKK) has annexed a considerable number of shares in Bullish and Robinhood. A staggering 356,346 shares of Bullish, amounting to approximately $21.2 million, and a not-to-be-sniffed-at 150,908 shares of Robinhood, worth around $16.2 million, found themselves under the ARK umbrella. Honestly, it’s a positively thrilling spectacle of financial maneuvering!

Last week, Miss Wood and her team went rather spectacularly to town on Bullish, obtaining a positively enormous 2.53 million shares – a princely sum of $172 million across *three* ETFs, following the exchange’s debut. One wonders if she had a particularly good tip, or simply felt a deep and abiding sympathy for the company. 🤔

And the Robinhood-acquiring streak continues! Shares have been steadily accumulating for three days running – $14 million on Monday and $9 million on Friday, to be precise. Rather a lot of money, what?

Now, the slightly awkward bit. It transpires that ARK Invest was rather recently engaged in a spot of *selling* Robinhood shares. Apparently, it was all to do with a frightfully dull rule – Rule 12d3-1, to be exact – which prevents ETFs from amassing more than 5% of their assets in securities connected to registered brokers or advisors. A bureaucratic nuisance, naturally. 🙄

Crypto stocks drop

As fate would have it (and fate, one suspects, enjoys a good bit of irony), both Bullish and Robinhood shares took a bit of a tumble on Tuesday. Bullish finished down 6.09% at $59.51, then rather ungraciously slid another 3.24% after hours. Robinhood wasn’t much better, falling 6.54% to $107.50, with a further 1.23% decrease when the market decided to have a little siesta.

It wasn’t merely these two unfortunate companies experiencing a spot of bother, you understand. The entire sector was feeling a bit under the weather. Coinbase, Galaxy Digital, Strategy, and Circle all suffered during the day. Even the Nasdaq Composite took a bit of a bruising, dropping 1.46% and generally looking rather glum.

According to those chaps at CNBC, investors experienced a sudden attack of prudence after last week’s burst of optimism regarding interest rate cuts. All eyes are now fixed on the US Federal Reserve’s Jackson Hole symposium. If Chair Jerome Powell happens to hint at a ‘dovish’ policy (whatever that may be), a rebound might be on the cards. One can only hope! 🙏

Bullish raises $1.1 billion

Last week, Bullish – operators of a cryptocurrency exchange and owners of CoinDesk – managed to raise a rather respectable $1.1 billion through an IPO of 30 million shares. They priced it above expectations, too! A most impressive feat.

The company finished its first session up 83.8% from the IPO price of $37. Shares then went on to leap another 11.2% after hours, peaking at an eye-watering $118 before settling down. A bit of a rollercoaster, really. One hopes everyone remembered to buckle up! 🎠

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2025-08-20 10:56