Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle

Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle

Cathie Wood's Ark Invest has reportedly purchased 6.93 million shares of the special purchase acquisition company, or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund (ETF). This purchase would represent a new position for the ETF, according to MarketWatch. 

Ark Invest's ETFs have a history of bold purchases within the tech industry as indicated by their move to buy $80 million in Robinhood shares after the prices dipped back in October 2021. Wood is also bullish on crypto despite passing on buying the first Bitcoin futures ETF that same month.

Our top trading bots

Circle is the principal operator of USD Coin (USDC), which is currently the second-largest stablecoin in terms of market capitalization. Circle announced its intentions to go public in July 2021 through a SPAC with Concord Acquisition Corp in a merger that would see the company valued at $4.5 billion.

The merger was originally planned to finalize by the end of the fourth quarter of 2021, with the company being listed on the NYSE with the ticker “CRCL.” 

The move to go public came about as a response to the increasing concern posed by regulators regarding stablecoins. Regardless, the move was applauded overall by the crypto industry. Vladimir Vishnevskiy, co-founder of Swiss wealth management firm St. Gotthard Fund Management AG, noted as such and said; “[USDC] has been around since 2014, and is another example of an established player being rewarded for their input into the ecosystem.

Stablecoins are still under regulatory scrutiny in the United States as lawmakers question the market's transparency and reserve backing. U.S. lawmakers are currently looking to introduce new legislation on crypto within the coming weeks. 

Keep reading relating to Cointelegraph
3 embroidery artists weave NFT charity drop to help victims of human trafficking
Three embroidery artists — Russia’s Katerina Marchenko, Brazil's Aline Brant and Ninni Luhtasaari of Finland — announced Thursday that they will be auctioning...
Binance joins fresh crypto hub by Dubai World Trade Centre
The world’s largest cryptocurrency trading platform, Binance, is among the first crypto exchanges to join a new crypto hub established by the Dubai World...
‘I'm a huge believer in crypto technology,’ says former US SEC chair
Former chairman of the U.S. Securities and Exchange Commission, or SEC, Jay Clayton, was appointed by ex-President Donald Trump to serve in 2017. In his...
EOS Climbs 13% In Bullish Trade
Investing.com - EOS was trading at $3.6970 by 03:52 (08:52 GMT) on the Investing.com Index on Wednesday, up 13.47% on the day. It was the largest one-day...
Fight over Greenidge miner's legal threats to activists over ‘false' claims
Greenidge Generation LLC, an upstate New York-based Bitcoin (BTC) mining firm has reportedly threatened legal action over repeated “demonstrably false”...
Law Decoded: US as an anatomical theater of crypto regulation, Sept. 13–20
Fall is traditionally the open season for United States financial regulators. The thicket of news coming out of Capitol Hill, federal courts and various...
Coinbase applies to trade crypto futures
Top U.S. crypto exchange Coinbase has submitted an application to become a registered Futures Commission Merchant (FCM) with the National Futures Association...
Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts a new week in a precarious place — below $45,000 and below some key moving averages. What's next?Almost a week after a cascade of leveraged...
17% of Australians now own crypto, totaling $8B between them: Survey
One in six Australians now own cryptocurrency, with the total value of their holdings adding up to $8 billion, according to a recent survey. The full report...
Over 3,000 ATMs in Beijing can now convert digital yuan into cash
China continues apace with the adoption of its central bank digital currency (CBDC) as major banks launch a significant batch of digital yuan-powered ATMs.The...
Top 5 cryptocurrencies to watch this week: BTC, SOL, HT, ETC, AAVE
Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015. In the same month...
Mastercard Blames It On Cryptos For Unpleasant First-Quarter Growth Results
This year a range of large American and British banks barred their customers from purchasing cryptos using their credit cards. That has been done in...
Nasdaq Considers Becoming a Crypto-Exchange
In spite of the fact that so far 2018 has not been the best year for cryptocurrencies, lots of Wall Street bulls, as well as venture capitalist tycoons,...
PayPal’s Exec Believes Bitcoin Will Become a Popular Payment Option
Several years ago American online payments system PayPal was one of the risk-takers who started accepting BTC. Now, the company’s executive John Rainey...
Why Canada Is So Appealing To Crypto Miners
Asia keeps tying up the market of virtual money. Hence, bitcoin miners look for new places of residence for running the business. Canada is expected to...