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Circle IPO – Ark Invest's ETF buys 6.93 million shares of SPAC



Ark Invest is making another bold investment in stablecoin issuer Circle, which will soon be listing on the New York Stock Exchange via SPAC.


Ark Invest, the investment firm of influential crypto lobbyist Cathie Wood, has acquired 6.93 million shares worth $70.6 million in the shell company (SPAC) that is merging with crypto major Circle. The investment was made through the ARK Fintech Innovation Exchange-Traded Fund (ETF).


Ark Invest's ETFs are known for making bold investments in the fintech space, as evidenced by their $80 million purchase of Robinhood stock in October 2021. Owner Cathie Wood is particularly focused on cryptocurrencies, although she has so far avoided investing in the first American Bitcoin ETF.


Circle, in turn, is the issuer of major stablecoin USD Coin ( USDC ), which ranks second behind Tether. The crypto company had already announced last July that it was aiming for an IPO via "SPAC", i.e. a so-called special purpose acquisition company. This step should now succeed through the merger with the shell company Concord Acquisition Corp. The company's value increases to a whopping 4.5 billion US dollars as a result of the merger.


The IPO should actually be completed by the end of 2021, with a listing on the New York Stock Exchange NYSE under the ticker "CRCL".


Circle initiated the IPO plans in response to growing regulator concerns about stablecoins. There was a lot of praise for this from the crypto industry . Vladimir Vishnevskiy, one of the co-founders of the Swiss asset management company St. Gotthard Fund Management AG, says in this context: “The USDC has been around since 2014, which is why it is now another example that the long-term work of an established player has paid off has."


Stablecoins are currently a hotly debated topic in American politics, which is why authorities and the government are planning new regulations for the next few weeks that are intended to cushion any risks of "(value) stable cryptocurrencies". 

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