Ark Invest buys $12.5 million of Bullish stock in four days

Ark Invest bought $5 million worth of Bullish (BLSH) stock on Thursday, the fourth day in a row it has added BLSH shares to its exchange-traded funds (ETFs).

Cathie Wood’s investment manager has purchased $12.5 million worth of shares in the crypto group, which is also CoinDesk’s parent company, since Monday based on the stock’s closing prices, according to emailed disclosures.

BLSH shares closed 0.2% lower at $35.96 on Thursday, having fallen more than 17% in the last two weeks, a period in which bitcoin BTC$77,341.59 struggled to break above the $80,000 resistance.

Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies.