ARK Invest buys ₩500 billion worth of Circle shares on listing debut… Reduces holdings in Coinbase and Robinhood
Summary
- ARK Invest reportedly purchased Circle shares worth about ₩511.6 billion on its listing debut.
- ARK Invest is said to have reduced its holdings in Coinbase and Robinhood shares prior to investing in Circle.
- The media predicts that as Circle establishes itself at the intersection of traditional finance, demand for stablecoins is gaining momentum.
ARK Invest was found to have purchased about $400 million worth of shares in Circle, the issuer of the dollar-based stablecoin USDC, on the first day of its public listing.
According to Coinquay, a media outlet specializing in virtual assets (cryptocurrencies), on the 6th (local time), ARK Invest, led by Cathie Wood, bought 4.5 million shares of Circle on its listing debut at the New York Stock Exchange (NYSE). The transaction amounted to approximately $373 million (about ₩511.6 billion).
Circle shares started at an IPO price of $69 and closed at $83.23, surging about 50% by the end of the day. The IPO size was $1.1 billion, and the subscription competition rate reportedly reached 25:1.
Before this investment in Circle, ARK Invest was reported to have reduced its holdings in Coinbase and Robinhood.
The media outlet stated, "As Circle established its position at the intersection with traditional finance, demand for stablecoins in regulated markets is gaining momentum," adding, "Existing market participants are also expected to adjust their strategies."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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