This week, Ark Invest, managed by Cathie Wood, announced that it had invested in shares of Circle Internet Group and SpaceX.
Ark Invest acquired 273,343 shares of Circle, the issuer of the USDC stablecoin, through its exchange-traded funds (ETFs ) Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Blockchain & Fintech Innovation ETF (ARKF). With a closing price of $63,28, the purchase valued the company at $17,3 million.
Circle now holds 3,68% of ARKK's portfolio, equivalent to approximately $223,4 million, in line with the company's strategy of not allowing any single asset to exceed 10% of the fund's portfolio.
CRCL/USD price chart. Image: The Block/TradingView.
Circle's second-quarter financial results were positive. On August 4, the company reported revenue up 7% to $701 million, while USDC in circulation increased 19% to $73,3 billion.
At the same time, Ark Invest bought 181,830 SpaceX shares through ARKK, ARKQ, ARKW and ARKX for almost $20 million.
Previously edited Happy Coin News Reported, that despite the company's impressive revenue growth of 92% to $7,8 billion, SpaceX shares fell by 13,61% due to high expenses, which in the second quarter exceeded $18,4 billion. Management attributed the expenses to the expansion of artificial intelligence capabilities, and Elon Musk expressed confidence that the company's revenue will reach $1 trillion by 2029-2030.
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