August has traditionally been a quieter time for initial public offerings as bankers head out of the office for summer vacations. But with the stock market and bitcoin climbing to record highs, those bankers are giving up their summer breaks so they can be a part of the hottest IPO market in four years.

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

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