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 (NASDAQ:HOOD) 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.