Cathie Wood’s massive $373 million Circle bet is paying off big time. ARK Invest’s purchase of 4.5 million shares exploded into a $500 million windfall as Circle’s stock skyrocketed 348% post-IPO. The bold move sparked gains across ARK’s ETFs – ARKK up 8.5%, ARKW 6.8%, and ARKF 5.4%. Wood’s signature all-in style on crypto raised eyebrows on Wall Street, but the stablecoin giant’s NYSE debut suggests her disruptive vision might be onto something.
Investment maverick Cathie Wood has made her boldest crypto bet yet. Her firm ARK Invest snatched up nearly 4.5 million shares of Circle Internet Group during its public debut, dropping a cool $373 million on the stablecoin issuer. Talk about going all in.
ARK Invest’s Wood makes massive $373 million crypto play, scooping up millions of Circle shares in bold market move.
The timing couldn’t have been better. Circle’s stock skyrocketed from its $31 IPO price to a jaw-dropping $139 within days, turning ARK’s stake into a $500 million goldmine. Not bad for a week’s work. Led by CEO Jeremy Allaire, Circle has positioned itself as a leader in the stablecoin market. The surge sent ARK’s ETFs soaring, with ARKK jumping 8.5%, ARKW up 6.8%, and ARKF climbing 5.4%.
To make room for Circle, Wood didn’t hesitate to shake things up. Out went $39 million in Coinbase shares, along with chunks of Robinhood and Block. Classic Wood move – when she sees something she likes, she goes for it. No half measures. This bold strategy aligns with her projection of a $2.5 trillion valuation for SpaceX by 2030.
Circle, the company behind the USDC stablecoin, represents everything Wood loves: disruptive fintech with a crypto twist. The NYSE listing marked a major milestone for crypto firms stepping into Wall Street‘s playground. Like most market makers, Circle plays a crucial role in maintaining liquidity in the crypto space.
And while the broader crypto market took a slight dip, Circle’s stock just kept climbing. The massive bet is already breathing new life into ARK’s actively managed ETFs.
After spreading Circle shares across three funds – ARKK, ARKW, and ARKF – Wood’s signature aggressive style is paying off. The firm initially planned to buy $150 million at the IPO price but ended up more than doubling down.
This move has Wall Street buzzing about an ARK comeback. While some might call it risky, that’s exactly Wood’s style. Circle’s dramatic rise has offset losses in other crypto holdings and given ARK’s funds a much-needed boost.
The message is clear: Wood isn’t just dipping her toes in the crypto waters – she’s diving in headfirst.
