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 fun ...

Core Insights - Bullish (BLSH) is expected to report third-quarter 2025 results on November 19, 2025, with total adjusted revenue projected between $69 million and $76 million, and adjusted transaction revenue estimated at $25.5 million to $28 million [1][9] - The Zacks Consensus Estimate for earnings remains steady at 8 cents per share, with the revenue consensus pegged at $74.10 million [1] Revenue Drivers - The third-quarter performance of Bullish is anticipated to benefit from strong growth in Subscription Services and Other revenue, driven by Liquidity Services and CoinDesk-branded products [2][9] - The Liquidity Services business, particularly through collaboration with Solana and agreements with stablecoin issuers, is expected to significantly boost Subscription Services and Other revenue, projected to be between $43.5 million and $48.0 million for the quarter [3] - The CoinDesk Indices business is also expected to contribute positively, especially following the SEC approval of the Grayscale ETF based on the CoinDesk 5 index, which saw assets under management increase to $41 billion, up over $9 billion from the previous quarter [4] Regulatory Developments - The recent approval of the New York BitLicense is a key factor expected to benefit Bullish, allowing the company to officially launch its exchange in the U.S., which is anticipated to become its largest trading market [5] - The BitLicense provides regulatory clarity that is crucial for attracting institutional clients [5] Market Challenges - Fluctuations in Bitcoin prices may negatively impact Bullish's performance due to potential reductions in market-wide digital asset trading volumes [6] Earnings Expectations - According to the Zacks model, Bullish has an Earnings ESP of 0.00% and a Zacks Rank of 2, indicating a moderate outlook for an earnings beat [7]