ARK bought around 2.5 million shares—worth roughly $172 million at the close—across three exchange-traded funds.

It's been a busy year for crypto-related stock listings. Bullish, founded in 2021 and backed by Peter Thiel, is the latest.

Much of the recent success of crypto has been driven largely by increasing adoption among institutional investors. Unlike its retail-focused peers, Bullish aims to provide mainly Bitcoin and Ethereum trading for institutional clients, limiting its exposure to riskier altcoins. This could help it stand out in a crowded market.