Down 66% From Its All-Time High, Should You Buy the Dip in Bullish Stock? Cathie Wood Is.

Market Overview - Cryptocurrencies are experiencing significant declines, with Bitcoin down over 21% in the last month, Ethereum down 25%, and Cardano down more than 36% [1] - The overall market sentiment is negative, impacting companies involved in the crypto sector [1] Company Performance: Bullish - Bullish, a crypto exchange targeting institutional investors, has seen its stock drop 66% from its all-time high following its August IPO [2] - The company's shares have decreased nearly 40% over the past three months, with 27% of that decline occurring in the last month [5] - Bullish has a market capitalization of just over $6 billion [4] Investment Activity - Cathie Wood's Ark Invest has been actively purchasing Bullish shares, acquiring a total of 2.86 million shares across multiple ETFs, amounting to a total position of $151.8 million [3] - The Ark Innovation ETF (ARKK) has made 10 purchases since August 19, indicating a bullish stance despite the stock's decline [3] Financial Performance - Bullish reported revenues of $41.6 billion for Q3 2025, down from $54.2 billion a year ago, but net income improved to $18.4 million from a loss of $67.2 million the previous year [7] - Earnings per share were $0.10, exceeding analysts' expectations by $0.02 [7] Valuation Metrics - The company has a forward price-earnings ratio of 80x, which is approximately double that of Coinbase, indicating a premium valuation despite the current market challenges [6]