Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging

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:) shares after the prices dipped back in October 2021. Wood is also bullish on crypto despite passing on buying the first futures ETF that same month.

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