Cathie Wood's Ark Invest purchased $8.3 million in crypto exchange Bullish shares and acquired Figma Inc. stock, as Figma disclosed significant Bitcoin ETF and USDC treasury holdings, signaling growing institutional crypto integration.

Executive Summary

Cathie Wood's Ark Invest has further deepened its exposure to the digital asset sector, acquiring an additional $8.27 million worth of shares in crypto exchange Bullish and simultaneously purchasing Figma Inc. stock. This move coincided with Figma's disclosure of holding $70 million in Bitwise's Bitcoin ETF shares and $30 million in USDC with the stated intention to purchase Bitcoin, highlighting a broadening trend of corporate engagement with digital assets.

The Event in Detail

On Tuesday, Ark Invest, through its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), acquired 161,183 shares of Bullish, amounting to approximately $8.27 million. This latest investment follows Ark's substantial participation in Bullish's $1.1 billion IPO last month, where it acquired around $172 million worth of shares across three ETFs. Despite Bullish's stock rising 0.55% on Tuesday to $51.36, its price has declined 24.47% since its debut.

Concurrently, Ark Invest purchased 109,678 shares of Figma Inc., a digital design technology company. Figma's recent S-1 filing revealed its strategic allocation to digital assets, including $70 million in Bitwise's Bitcoin ETF shares as of Q1, which subsequently increased to approximately $90.8 million by June 30, 2025. The company also purchased $30 million in USDC, with plans to re-invest these stablecoin holdings into Bitcoin at a later date. This initial investment in a Bitcoin ETF was made less than two months after the first spot Bitcoin ETFs gained SEC approval.

Market Implications

These developments underscore a continued institutional endorsement of the cryptocurrency market. Ark Invest's repeated investments in Bullish signal confidence in the future of institutional crypto exchanges. Analysts at Bernstein project Bullish to emerge as the second-largest institutional crypto exchange behind Coinbase by 2026, setting an initial price target of $60. Bullish reported a Q1 2025 spot trading volume of $79.9 billion, which surpassed Coinbase for that period, although its revenue lags significantly due to a strategy of reducing trading spreads. Bullish's balance sheet includes 24,000 Bitcoins (approximately $2.8 billion), 12,600 Ethereum, and $418 million in cash and stablecoins, notably holding nearly twice the Bitcoin reserves of Coinbase in the second quarter of the same year.

Figma's decision to include Bitcoin ETF shares and USDC in its corporate treasury reflects a growing trend among technology companies to diversify assets and hedge against macroeconomic risks. This strategy aligns with the broader institutional adoption trend, driven by increasing regulatory clarity and the recognition of Bitcoin as a legitimate asset class. The move by a prominent software company like Figma further normalizes Bitcoin as a treasury asset, potentially influencing other firms to consider similar allocations.

Business Strategy & Market Positioning

Bullish's strategy focuses on expanding market share by compressing trading spreads, contributing to its substantial spot trading volume. While this has strengthened its competitive position, it has also led to revenue figures that are notably lower than competitors such as Coinbase and Kraken. For instance, since 2022, Coinbase's revenue has consistently been over 20 times that of Bullish. However, Bullish aims to expand its growth through derivatives markets and acquisitions, anticipating future growth by offering options products and acquiring companies that align with its business lines.

Figma's approach to digital assets, characterized by its investment in Bitcoin ETFs and USDC with intent to purchase Bitcoin, demonstrates a calculated diversification of its treasury. This strategy mirrors practices seen in firms like MicroStrategy, which has accumulated over 582,000 BTC. Figma's allocation is framed as a balanced approach, mitigating risk while innovating, reflecting a shift in SaaS industry practices towards crypto diversification and software-sovereignty strategies.

Broader Context

The continued investment by institutional players like Ark Invest and the strategic asset allocation by companies such as Figma signify a maturation of the institutional crypto landscape. The expansion of corporate Bitcoin treasuries, now surpassing $164 billion in 2025, highlights the increasing structural demand for Bitcoin. As regulatory frameworks solidify and more companies integrate digital assets into their financial strategies, Bitcoin ETFs and direct cryptocurrency holdings are becoming a more established component of corporate capital management, driving further integration of crypto into traditional finance.