ARK Invest, a prominent investment management firm has announced an upcoming investment in the crypto market. ARK invest has announced the investment to take place in the form of a merger. Specifically, the firm is merging with the stablecoin firm Circle mostly known for USD Coin (USDC). The news comes at a time when Cathie Wood’s stocks are performing worse than Lana Del Rey on SNL. On the other hand, Circle maintains a positive reputation as a trusted firm.
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ARK for ARK’s Sake!
First and foremost, let’s talk gossip about ARK Invest and Cathie Wood. If hedge fund managers are the financial rock stars of our time, then Cathie Wood will be Chad Kroeger from Nickelback. Cathie Woods is a notoriously controversial figure in the world of finance. Predominantly, she is known for her hardcore support of meme stocks and shitcoins. But more importantly, she is a devoted supporter of the crypto market. So much so, that she has boldly predicted Bitcoin to reach $500,000 by 2026. In fact, ARK Invest was the first public fund manager to invest in Bitcoin.
Cathie Wood stocks performed incredible well in 2021 due to the special circumstances of that time. And as you would expect a big “but”, her stocks are now down in the dumps as of early 2022. Analysts are calling ARK Invest a lost cause at this point that is not worth buying the dip for. And what would ARK do when performing poorly? Well, they’re making big moves into the crypto market.
Crypto Market Sells!
Having put the gossip behind us, let’s discuss the details. Cathie Wood has recently announced that ARK Invest is buying shares of a SPAC (special purpose acquisition company) which is merging with the stablecoin firm Circle. A SPAC is a publicly traded company with the purpose of acquiring a private company and making it public. This is an alternative method for an initial public offering (IPO) to make a company public.
ARK Fintech Innovation exchange-traded fund (ETF) has spent $705,820 on 69,300 shares of Concord Acquisition Corporation (CND). CND is the SPAC at hand that is merging with Circle. The merger will take place in summer of 2022 while the new company will be worth $4.5 billion.
Jeremy Allaire, the CEO of Circle said in a recent interview with CNBC: “We just see an incredible opportunity to grow rapidly and grow around the world, and we think that this set of transactions and becoming a public company really sets us up to be a trusted platform in this digital currency industry.”
USD Coin is one of the most trusted stablecoins in the crypto market and it offers excellent transparency on their current US dollar reserves. You can buy and sell USD Coin on HiExchange anonymously with the lowest exchange fees.
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