Bitcoin overnight Wednesday surged to a record high above $124,000, while ethereum neared its historical peak. Cathie Wood's ARK Invest firm scooped up more than 2.5 million shares of new issue Bullish stock on its first day of trade. The Peter Thiel-backed crypto IPO heads into its second day, following a successful launch on the New York Stock Exchange.
Bitcoin hit a fresh peak Wednesday night just below $124,500, which cleared its prior high around $123,100 from mid-July. The world's top crypto eased near $118,000 by Thursday afternoon, but has rallied 26% so far this year.
"Bitcoin's recent rally is a testament to its evolving role in the global financial landscape and recent legislative developments," said Kyle Chasse, founder of MV Global, a blockchain-focused venture firm. "With record-high global debt and mounting pressure on fiat currencies, bitcoin has moved beyond a speculative asset."
Chasse noted that prominent institutions and figures are continuing to invest in crypto. Regulatory clarity has also added to the tailwinds, with more institutional capital flowing in.
"The demand is here," Chasse said. He expects bitcoin to surpass $250,000 by the end of the year.
Ethereum jumped near $4,790 overnight Wednesday, closing in on its all-time high above $4,890 from November 2021. The crypto slid back near $4,500 by late Thursday. Ethereum has spiked 36% in 2025.
Beyond Bitcoin: Cathie Wood Gets Bullish
Elsewhere, Cathie Wood's ARK Invest firm purchased a major stake in Bullish Wednesday. The Peter Thiel-backed crypto exchange and news site on Wednesday debuted on the NYSE in a heavily followed IPO.
Bullish is the owner of CoinDesk and the site's crypto data and analytics services. It also operates the Bullish Exchange, which is a digital asset platform focused on institutional clients. Since its launch in 2021, the Bullish platform has exceeded $1.25 trillion in total trading volume as of March 31, according to CNBC.
Wood and ARK purchased a total of 2.53 million shares of BLSH stock across three of its funds, according to daily trade updates.
The firm added 1.71 million shares to the flagship ARK Innovation ETF. The ARK Next Generation Internet ETF added 545,416 shares of Bullish. Wood added 272,755 shares to the ARK Fintech Innovation ETF.
Bullish opened midday Wednesday at 90 per share, almost triple its planned IPO price of 37 per share. The stock jumped to a high of 118 before sliding to 68 by the close.
BLSH shares jumped almost 10% Thursday, to 74.63.
Coinbase stock eased less than 1%, with shares dipping near their 10-day line.
Circle Internet Group slid retreated another 9% Thursday after announcing a new share offering on Tuesday. The stablecoin issuer launched its IPO in June at 31 per share.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
