Cathie Wood Buys Millions in Bullish Stocks Just Before Quarterly Earnings

The share price of major crypto companies was again under heavy pressure yesterday. While several well-known names ended in the red, investment fund ARK Invest took advantage of Bullish’s decline to pick up millions of dollars in additional shares. This raises the question of whether Cathie Wood’s fund is anticipating a recovery, or whether it is jumping in while the market is sinking even deeper.

Bullish buy of over $10 million

The daily trading report shows that the ARK Innovation ETF bought 191,195 shares of Bullish. ARKW and ARKF also expanded their position, with 56,660 and 29,208 shares respectively. All in all, the purchase value is more than 10 million dollars. The purchases coincided with a price drop of 4.5 percent to $ 36.75, the share has lost almost 46 percent over the past six months.

It is striking that the purchase comes just before the third quarter figures, which are expected tomorrow. In the second quarter, Bullish achieved a turnover of 57 million dollars, 10 million less than a year earlier. The company did make a net profit of $108.3 million, compared to a loss of $116.4 million last year.

Crypto market again heavily in the red

The broader crypto market struggled yesterday. Mining companies and other crypto-related companies were almost all in the negative. Marathon Digital lost 4 percent, while Riot Platforms and CleanSpark also closed lower. Bitcoin company (BTC) Strategy, from Michael Saylor, fell 2 percent and is even 18 percent lower in five trading days. While yesterday it announced one of the largest Bitcoin purchases in a while, worth almost $1 billion.

Circle, which went public earlier this year, was also hit. The share lost more than 6 percent and fell more than 26 percent over the past week. Coinbase, the largest American crypto exchange, fell 7 percent to $ 263.95.

Analysts See Possible Bitcoin Bottom

At the same time, the idea is growing among some analysts that Bitcoin may be close to a bottom. BitMine Chairman Tom Lee points to the aftermath of the October 10 liquidation wave and uncertainty about possible interest rate cuts by the Federal Reserve. According to him, technical signals suggest that the sell-off is losing steam.

Matt Hougan, CIO of Bitwise, agrees. He called Bitcoin’s current price range “an exceptional opportunity” for long-term investors. According to Hougan, ETF outflows, selling by large holders, geopolitical tension, concerns around AI valuations and uncertainty over US trade tariff policy are among the factors contributing to the recent market weakness.