Ark Invest Buys $17.3 Million of Circle Stock, Adds SpaceX Shares After Earnings
Summary
- Ark Invest bought 273,343 Circle shares through ARKK, ARKW and ARKF, a stake worth about $17.3 million.
- Circle said total revenue, reserve income, adjusted EBITDA, USDC in circulation and on-chain volume all increased from a year earlier.
- Ark Invest bought an additional 181,830 shares as SpaceX stock tumbled 13.61%, while SpaceX maintained its forecast for $1 trillion in annual revenue in 2029 or 2030 despite a surge in CAPEX tied to AI infrastructure expansion.
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Ark Invest, the investment firm led by Cathie Wood, bought large stakes in stablecoin issuer Circle and SpaceX shares.
The Block reported on August 6 that Ark Invest bought 273,343 Circle shares a day earlier through the Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF). Based on the closing price, the purchase was worth about $17.3 million.
Circle also reported second-quarter results that day. Total revenue and reserve income rose 7% from a year earlier to $701 million, while adjusted EBITDA increased 8% to $143 million. USDC in circulation climbed 19% to $73.3 billion, and on-chain volume jumped 151% to $14.8 trillion from a year earlier.
Ark Invest also bought an additional 181,830 SpaceX shares the same day through ARKK, ARKQ, ARKW and ARKX.
SpaceX shares closed down 13.61% at $108.27 that day, despite a 92% increase in second-quarter revenue to $7.8 billion, as investors focused on heavy artificial intelligence spending. The company said second-quarter capital expenditures surged about sixfold from a year earlier to $18.4 billion. Management said the spending was intended to expand AI infrastructure. SpaceX Chief Executive Officer Elon Musk maintained his previous forecast that the company could reach $1 trillion in annual revenue by 2029 or 2030.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.