Cathie Wood Buys $10M in Bullish Stock Ahead of Q3 Results

Key Notes

• Cathie Wood’s buying of BLSH stock comes ahead of Bullish’s Q3 2025 earnings, where the exchange expects $69-$76 million in total adjusted revenue.
• Liquidity Services, subscription products, and partnerships with Solana and stablecoin issuers could lead to better revenue numbers for the crypto exchange.
• Crypto stocks continue to face heavy selling pressure, with Marathon Digital, Riot Platforms, CleanSpark, and MicroStrategy all declining further.

Ark Invest CEO Cathie Wood made a bold move by buying nearly $10 million worth of stocks of crypto exchange Bullish (BLSH).

This purchase on November 17 comes despite the BLSH stock price correcting nearly 50% in the last three months since its listing in mid-August.

The share price is already trading at an all-time low as crypto stocks get beaten amid the market downturn.

Cathie Wood’s Ark Invest Buys Bullish Across Multiple Funds

ARK Invest increased its holdings in Bullish (BLSH) across multiple funds on Monday, according to the firm’s latest daily trade disclosure from Ark Invest Tracker.

The ARK Innovation ETF (ARKK) purchased 191,195 Bullish shares, ARKW added 56,660 shares, and ARKF acquired 29,208 shares.

Despite this purchase, the Bullish (BLSH) stock ended 4.5% down on Monday, ending the trading at $36.75. After hitting a high of $75, around its listing, the stock has been consistently moving sideways since then.

Related article: Cathie Wood Snaps $12 Million of Bullish (BLSH) Stock Despite 27% Monthly Drop, Here’s WhyThis is the third major purchase of the BLSH stock by Ark Invest in November. Interestingly, the purchase comes just ahead of the company’s Q3 results.

Crypto exchange Bullish will release its third-quarter 2025 financial results on Nov. 19. The exchange has projected stronger revenue contributions from its Liquidity Services and subscription-based products.

For Q3 2025, Bullish expects total adjusted revenue in the range of $69 million to $76 million, including adjusted transaction revenue of $25.5 million to $28 million.

The company’s performance for the quarter is anticipated to have been supported by continued growth in its Subscription Services and Other revenue segment.

This expansion has been driven by Bullish’s Liquidity Services offering.

A key contributor has been the firm’s collaboration with Solana, along with agreements involving major stablecoin issuers, both of which are expected to have strengthened subscription and service revenues.

Bullish forecasts Subscriptions, Services & Other Revenue between $43.5 million and $48 million for the quarter.

Crypto Stocks Take the Hit Amid Market Downturn

In recent weeks, crypto stocks have taken a severe beating amid the ongoing market crash. Mining and infrastructure-focused crypto companies faced renewed selling pressure on Monday.

Marathon Digital (MARA) fell 4% and continues to lose momentum after a week-long decline. Riot Platforms (RIOT) and CleanSpark (CLSK) also closed in negative territory.

At the same time, Michael Saylor’s Strategy (MSTR) also dropped another 2% to $195, while extending losses to 18% in the past five trading sessions.

This comes despite Strategy adding 8,178 Bitcoin

BTC $91 445

24h volatility: 4.0%

Market cap: $1.83 T

Vol. 24h: $124.18 B

to its reserves on Monday.

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