Cathie Wood and Bullish (BLSH): Should You Invest After the IPO?
Explosive Start and Cooldown
The crypto market is back in the spotlight. Bitcoin confidently broke above $124,000, Ethereum approached its all-time high, and institutional players are increasingly entering digital assets. Against this backdrop, the debut of the crypto exchange Bullish (BLSH) drew major attention, with shares soaring from $37 to $118 after the IPO before retreating nearly 45%. Such volatility is typical for high-profile listings: initial hype is often followed by a “healthy correction” as the market searches for a fair value.
The crypto market is back in the spotlight. Bitcoin confidently broke above $124,000, Ethereum approached its all-time high, and institutional players are increasingly entering digital assets. Against this backdrop, the debut of the crypto exchange Bullish (BLSH) drew major attention, with shares soaring from $37 to $118 after the IPO before retreating nearly 45%. Such volatility is typical for high-profile listings: initial hype is often followed by a “healthy correction” as the market searches for a fair value.
Bullish (BLSH)
Why Cathie Wood’s Bet Matters
ARK Invest founder Cathie Wood purchased more than 2.5 million Bullish shares worth over $170 million, spreading them across three ETFs: ARKK, ARKW, and ARKF. This move suggests Wood sees BLSH not as a speculative play but as a long-term growth story at the intersection of fintech, crypto, and digital infrastructure. Further confidence came from BlackRock’s intention to invest $200 million, strengthening institutional backing.
ARK Invest founder Cathie Wood purchased more than 2.5 million Bullish shares worth over $170 million, spreading them across three ETFs: ARKK, ARKW, and ARKF. This move suggests Wood sees BLSH not as a speculative play but as a long-term growth story at the intersection of fintech, crypto, and digital infrastructure. Further confidence came from BlackRock’s intention to invest $200 million, strengthening institutional backing.
Bullish’s Financial Picture
Despite its strong debut, the company’s financials are mixed. In 2024, Bullish posted a profit of $79.6 million, but by Q1 2025 it reported a $348.6 million loss. Still, its key metric—digital asset trading volume—is growing rapidly, from $72.9 billion in 2022 to $250.2 billion in 2024. The firm also maintains a solid crypto balance sheet: $1.73 billion in BTC and $144 million in stablecoins, making Bullish unique among publicly listed exchanges.
Despite its strong debut, the company’s financials are mixed. In 2024, Bullish posted a profit of $79.6 million, but by Q1 2025 it reported a $348.6 million loss. Still, its key metric—digital asset trading volume—is growing rapidly, from $72.9 billion in 2022 to $250.2 billion in 2024. The firm also maintains a solid crypto balance sheet: $1.73 billion in BTC and $144 million in stablecoins, making Bullish unique among publicly listed exchanges.
Outlook and Risks
Bullish positions itself as an institutional platform for Bitcoin and Ethereum trading, making it less vulnerable to retail market sentiment swings. Backing from investors like Peter Thiel, Cathie Wood, and BlackRock boosts its chances of long-term success. Still, risks remain: IPO volatility, regulatory uncertainty, and vulnerability to downturns in the crypto market.
Bullish positions itself as an institutional platform for Bitcoin and Ethereum trading, making it less vulnerable to retail market sentiment swings. Backing from investors like Peter Thiel, Cathie Wood, and BlackRock boosts its chances of long-term success. Still, risks remain: IPO volatility, regulatory uncertainty, and vulnerability to downturns in the crypto market.
Should You Buy Now?
Bullish represents a long-term bet on the institutionalization of crypto. For those willing to embrace volatility and who believe in digital assets’ future, BLSH could be an attractive play.
However, following Cathie Wood blindly is risky.
A more rational approach would be to wait for the lock-up period to end and the stock price to stabilize before entering at more balanced levels.
However, following Cathie Wood blindly is risky.
A more rational approach would be to wait for the lock-up period to end and the stock price to stabilize before entering at more balanced levels.