Cathie Wood’s Ark Invest deepened its exposure to digital-asset companies by purchasing 2,532,693 shares of cryptocurrency exchange operator Bullish during the firm’s New York Stock Exchange debut on Wednesday. The trade, spread across the ARKK, ARKF, and ARKW exchange-traded funds, cost about $172 million at Wednesday’s close. Bullish, backed by billionaire Peter Thiel and owner of crypto news outlet CoinDesk, priced its offering at $37 and raised more than $1.1 billion. The stock opened at $90.45, touched $118 before settling near $75 on Thursday, lifting the market value of Ark’s stake to roughly $189 million. The listing extends a run of crypto-related flotations. Miami International Holdings, parent of the MIAX group of electronic exchanges, began trading on Thursday after selling shares at $23 apiece; the stock opened at $31 and was recently up about 39%. Dealmakers say strong secondary-market performances, the June passage of the Genius Act stable-coin rules and record digital-asset prices—global crypto capitalization has reached about $4.2 trillion—are enticing more companies to the public markets. Circle’s blockbuster June debut and confidential filings by BitGo, Gemini and others suggest the pipeline remains busy heading into the autumn offering window.